Newport Heights Medical Center – Newport Beach, California – 64,000 SF Two-Building Medical Office Building Development – Developed by WRP I

Opportunity

Two-building, 64,000 SF medical office building development with California-based developer Real Estate Development Associates, Newport Beach, California. Competitive medical office supply was decades old, due to limited availability of land parcels and a lengthy and difficult entitlement process. Three major hospital networks are located within a 10-mile radius, and four more within a 14-mile radius. California Irvine Health became the anchor tenant of the asset, occupying all of Building One. In August 2019, Newport Heights Medical Center was sold after achieving 100% occupancy, generating a 24.1% IRR and an Equity Multiple of 2.6 to 1.

Property

Two Low-Rise Medical Office Buildings

Size

64,000 SF

Built

2016-2017

Ownership

WRP I

Sold

August 2019

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