11:30 AM
Newmark Grubb Knight Frank’s Global Healthcare Services Group has orchestrated the sale of Oceanview Medical Center in San Clemente, California. The buyer was Accretive Realty Advisors, a commercial real estate management and development company. Terms of the sale were undisclosed.
The Oceanview campus, which includes a 30,913-square-foot medical office building, is set directly across from the San Clemente campus of Saddleback Memorial Medical Center, part of the MemorialCare Health System. The medical center is anchored by MemorialCare Health and houses several affiliated practice groups.
“Oceanview Medical Center represented a rare offering of a best-in-class, hospital-aligned medical office building in Southern California, possessing both stable cash flow and tremendous long-term growth prospects,” said Evan Kovac, a managing director with NGKF Global Healthcare Services, one of the largest and most experienced healthcare real estate groups in the country advising healthcare clients seeking to maximize value on assets and implement long-term business strategies.
Mr. Kovac said that interest was intense and bidding was highly competitive for the medical office property. “Accretive Realty Advisors demonstrated itself to be the perfect buyer for this all the way through closing,” he added.
Mr. Kovac, Garth Hogan, Chris Stai and Kyle Kovac represented the private seller in the disposition process. Mr. Hogan and John Scruggs will be handling the leasing of the property moving forward as exclusive agents to Accretive Realty.
Jeff Tomei with Knightsbridge Realty Capital, Inc., arranged the debt with a large national bank and exclusively handles the financing on behalf of Accretive Realty Advisors., which represented itself in the acquisition.
About Accretive Realty Advisors, Inc.
Accretive Realty Advisors (ARA) headquartered in Newport Beach, CA exclusively targets medical office building investment opportunities in California on behalf of its Investors that satisfy a predefined set of characteristics; value-add opportunities within “in-fill” markets where major economic drivers exist combined together with significant barriers to entry which drive compelling yields and strong exit strategies. www.accretiverealtyadvisors.com
About Knightsbridge Realty Capital, Inc.
Newport Beach-based Knightsbridge Realty Capital (KRC), founded in 2001, is a boutique mortgage banking firm that arranges debt and equity for institutional, middle-market and individual clients on an advisory basis. KRC focuses on both commercial and residential real estate finance opportunities. Since its inception KRC has closed over $2.5 billion of total deal volume. www.kbrcinc.com
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the largest commercial real estate service firms in the U.S. and together with its affiliates and London-based partner Knight Frank employs over 11,000 professionals operating from more than 300 offices globally, with over 680 million square feet under management. A major force in the real estate marketplace, Newmark Grubb Knight Frank is meeting the local and global needs of tenants, owners, investors and developers worldwide. For further information, visit www.newmarkkf.com.
Newmark Grubb Knight Frank is a part of BGC Partners, Inc. (NASDAQ: BGCP), a leading global brokerage company primarily servicing the wholesale financial and real estate markets. For further information, visit www.bgcpartners.com.