IRVINE, CA, Oct. 26, 2010 – Colliers International, the second largest real estate services organization globally, has directed the sale of three medical office condominiums totaling approximately 3,000 square feet at 1955 Sunny Crest Dr. in Fullerton, Calif., to Central Drugs Compounding Pharmacy, owned by Dr. Nayan Patel, a La Habra, Calif.-based physician.
The transaction is valued at $1,465,563 or $499 per square foot.
Providence Medical Center has seen renewed activity in a market where a significant supply and demand imbalance exists for quality medical space.
“Demand to own versus lease is finally returning to the market,” said John Wadsworth (middle right photo), vice president and director of healthcare services in Colliers International’s Irvine office.
Wadsworth added that the developer of Providence Medical Center has dropped prices by more than 25 percent since 2009 to follow suit with the recession.
“With ‘bottom of the cycle’ pricing and financing options to fix real estate costs for many years to come, Dr. Patel was able to secure a solid investment opportunity in a state-of-the-art medical facility, along with a place to operate his business,” he said.
Wadsworth, along with Casey Immel, an associate in Colliers International’s Irvine office, represented the seller, Accretive Realty Advisors, Inc., an Irvine, Calif.-based real estate investment and advisory firm specializing exclusively in medical office space.
The buyer was represented by John Collins of Lee & Associates.
Contact: Megan Morales, Marketing & PR Coordinator, 949 724 5537
No comments:
Post a Comment