Financing secured for Irvine medical office conversion
JLL Capital Markets placed the loan for 114 Pacific Court in the high-barrier-to-entry Irvine Spectrum submarket in Irvine, California
NEWPORT BEACH, CALIF., July 7, 2021 – JLL Capital Markets announced today that it has arranged financing for 114 Pacifica Court, a 110,392-square-foot, Class A office building in Irvine, California.
Loan proceeds will be used to convert 114 Pacifica into a Class A medical office building, which will include adding a three-level parking structure in the north end of the property. In addition, the property is currently 49% occupied and as leases roll over the next two years, ownership will convert the general office tenants to medical office tenants.
Located within the high-barrier-to-entry Irvine Spectrum submarket, the property is strategically positioned near numerous medical office demand drivers, including Hoag Hospital’s Irvine campus, the City of Hope Cancer Center project and the UCI Medical Center Irvine-Newport project. 114 Pacifica offers convenient regional access via major transportation routes, including the 5, 405 and 133 Freeways.
The JLL Capital Markets team representing the borrower was led by Managing Director John Chun.
“The Irvine Spectrum submarket has a limited number of available medical office space, and Meridian and Harrison Street have a well laid-out business plan to attract a wide variety of medical office tenants,” Chun noted.
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 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.
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 in 2020, operations in over 80 countries and a global workforce of more than 91,000 as of March 31, 2021. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
Meridian, a subsidiary of Marcus & Millichap Company, has a 20-year track record of developing, repositioning and managing commercial real estate, having developed or acquired over 100 properties. Meridian’s strategic direction is to focus on commercial build-to-suit opportunities as well as medical and general office value-add repositions. Operating out of its Walnut Creek headquarters, the company has successfully completed projects throughout the Western United States.
About Harrison Street Real Estate Capital
Harrison Street is one of the leading investment management firms exclusively focused on alternative real assets. Since inception in 2005, the firm has created a series of differentiated investment solutions focused on demographic-driven, needs-based assets. The firm has invested across senior housing, student housing, healthcare delivery, life sciences and storage real estate as well as social and utility infrastructure. Headquartered in Chicago with offices in London and Toronto, the firm has more than 190-employees and approximately $35 billion in assets under management. Clients of the firm include a global institutional investor base domiciled in North America, Europe, Middle East, Asia and Latin America. Harrison Street has been awarded Best Places to Work by Pensions & Investments for the last seven consecutive years and was named 2020 Global Alternatives Investor of the Year by PERE. For more information, please visit harrisonst.com.