Two-building, 64,000 SF medical office building joint-venture development in 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.