GLOBAL HEALTHCARE SERVICES

NEWMARK KNIGHT FRANK

RENOVATED MEDICAL PROPERTY SOLD

Three years after purchasing Aliso Viejo Medical Center and undertaking a thorough renovation, Accretive Realty Advisors Inc. has sold the property for a tidy return.


The Irvine based developer sold the 27,192-square-foot medical office building at 24502 Pacific Park Drive for an estimated $15 million.


Accretive bought the property in 2010 for $7 million with plans to renovate.


The company subsequently completed improvements to the lobby, restrooms and other areas of the 26-year-old building. Kaiser Permanente, which occupies about 70 percent of the property, recently renewed its lease for another five years.
Garth Hogan, executive managing director of Newmark Knight Frank, said investors have become interested in medical office properties in part because the Affordable Care Act is expected to lead to increased demand for that type of space…


Hogan, along with colleagues Todd Perman and Richard Bland, represented the seller.


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