Continued healthcare demand fuels on-campus Fullerton, CA MOB sale
JLL Capital Markets arranged the sale and financing of the 101 Laguna medical office building
SAN DIEGO – Apr. 28, 2021 – JLL Capital Markets announced today that it has closed the sale and financing of 101 Laguna, a 21,554-square-foot medical office building in Fullerton, California.
JLL worked on behalf of the seller, Healthcare Property Advisors, in completing the sale to the buyer, Virtus Real Estate Capital. Additionally, JLL worked on behalf of the buyer to secure the seven-year, floating-rate acquisition loan.
101 Laguna is located approximately 30 miles southeast of Downtown Los Angeles, adjacent to the 320-bed St. Jude Medical Center, which is part of the Providence St. Joseph Health Network. The facility, which was recently renovated and expanded in 2017, operates as a Women’s Health Center for St. Joseph Heritage Healthcare which just signed a new long-term lease for the entire property. Services available at the property include obstetrics and gynecology, invasive robotic surgery, digital mammography, and ultrasound.
The JLL Healthcare Capital Markets team representing the seller was led by Managing Directors Evan Kovac and Andrew Milne, Director Matt Dicesare, Vice President Trent Jemmett and Analyst Niema Beglari.
“We continue to see strong demand for healthcare properties and anticipate this will continue for the long-term,” said Milne. “101 Laguna is a great investment for Virtus as it has maintained a strong historical occupancy and just underwent an extensive upgrade and expansion.”
JLL’s Capital Markets team spearheading the debt efforts was led by Managing Director John Chun and Analyst Jacob Fideler.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.6 billion, operations in over 80 countries and a global workforce of more than 91,000 as of December 31, 2020. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Healthcare Property Advisors
Healthcare Property Advisors is an integrated medical office investment manager and a healthcare real estate partner for health systems, acute care, pediatric and senior care hospitals and medical groups, across the United States. The company specializes in acquiring, developing, leasing, and managing medical office buildings, ambulatory care centers, clinics, and parking structures. For more, please visit: ii-hpa.com.
About Virtus Real Estate Capital
Virtus Real Estate Capital, founded in 2003, is a hands-on, data-driven, curious investor that delivers compelling outcomes from cycle-resilient investments for all stakeholders. Through thoughtful evolution and resilience in challenging times, Virtus has purposefully worked to foster thriving communities that empower people to live better lives. Over the last 18 years, it has acquired 251 properties for a combined acquisition value of over $4.6 billion and has fully realized 181 property investments. With a strong and established track record, Virtus has proven to be successful in all phases of the market cycle. For more information, please visit: virtusre.com.