On August 5th, the Newport Heights Medical Center development was sold for $50.5 million ($789/SF), generating gross to the Fund a 24% IRR and an Equity Multiple of 2.6 over the four-year development period. Shell construction of these two medical office buildings totaling 64,000 SF on 3.05 acres in Newport Beach was completed in 2017. Both 2-story buildings are 100% leased in this desirable Orange County infill location. University of California Irvine Health is the anchor tenant for the property leasing all of Building One. The investment was owned by a joint-venture partnership of Westminster Realty Partners LP and Real Estate Development Associates.
About Westminster Capital
Westminster Capital manages real estate investment strategies on behalf of private wealth capital, including sponsorship of closed-end investment funds and separate account portfolios totaling $860 million of investor capital. Westminster Capital makes commercial property investments throughout the United States across Industrial/Distribution, Apartments, Medical Office and Senior Living properties offering Value-Add to Opportunistic risk-reward returns. Such work includes rebuilding income streams of existing properties, or manufacturing them through new construction. The firm employs careful investment underwriting and pursues well-funded tenants motivated by powerful, long-term secular trends in their needs for such properties. Founded in 1988, the firm is headquartered in Lake Forest, Illinois.