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Accretive Realty Advisors, Inc. (“Accretive Realty”), a Newport Beach, Calif.-based real estate investment company focused exclusively on medical office buildings, has acquired the 20,000-square-foot Pacific Park Medical-Dental building located at 24541 Pacific Park Drive in Aliso Viejo, Calif., on an off-market basis for an undisclosed purchase price.
The three-story property had not been offered for sale to the market since 1990, when it was first constructed. Accretive Realty, which owns 24502 Pacific Park Drive, a similar medical office building directly across the street that is occupied by Kaiser Permanente, had an interest in and had been pursuing the property for some time.
Thomas LeBeau, principal and chief executive officer of Accretive Realty, commented, “We are pleased to add the Pacific Park Medical-Dental building to our existing holdings in this medical submarket serving communities of Aliso Viejo, Laguna Niguel and Laguna Hills. The area’s strong demographics, household incomes and close proximity to the Mission and Saddleback hospitals provides for an excellent patient base and payer mix for our valued medical tenants.”
Jeff Tomei of Knightsbridge Realty Capital, Inc. arranged the debt with a large national bank and exclusively handles the financing on behalf of Accretive Realty.
Newmark Grubb Knight Frank medical office specialists Garth Hogan and John Scruggs, with the firm’s Global Healthcare Services group, will be handling the leasing of the property moving forward as exclusive agents to Accretive Realty.
About Accretive Realty Advisors, Inc.
Accretive Realty Advisors, 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 world’s leading commercial real estate advisory firms. Together with its affiliates and London-based partner Knight Frank, Newmark Grubb Knight Frank employs more than 11,000 professionals, operating from more than 300 offices in established and emerging property markets on five continents.
Newmark Grubb Knight Frank’s integrated services platform includes leasing advisory, global corporate services, investment sales and capital markets, consulting, program and project management, property and facilities management, and valuation services. A major force in the real estate marketplace, Newmark Grubb Knight Frank serves the local and global property requirements of tenants, landlords, 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.