Investor purchases California medical office building
JLL Capital Markets completes the $20M sale of the 59,354-square-foot facility
NEWPORT BEACH, Calif., March 30, 2020 – JLL Capital Markets announced today that it has completed the $20 million sale of Bella Terra Medical Plaza, a four-story, off-campus medical office building totaling 59,354 square feet in Huntington Beach, California.
JLL represented the seller, Vibe Boutique Office Properties, and procured the buyer, Manhattan Real Estate Holdings.
Bella Terra Medical Plaza is located at 7677 Center Avenue immediately adjacent to and visible from Interstate 405, one of Orange County’s major commuter arteries. Additionally, the 1.8-acre site is adjacent to Bella Terra, a shopping and entertainment center providing numerous retail amenities for tenants and patients alike. The recently renovated, Class A medical office asset is approximately 90% leased to a wide variety of medical facilities and providers.
The JLL Capital Markets team representing the seller was led by Derek Landry, Bob Prendergast, Sach Kirpalani and Lynn LaChapelle along with the JLL Healthcare team of Kellie Hill, Chris Isola and Bryan Lewitt.
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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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 $18.0 billion, operations in over 80 countries and a global workforce of more than 93,000 as of December 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Vibe Boutique Office Properties
Vibe Inc. is a private real estate company focused on acquiring value add office properties not typically targeted by REITS or other institutional companies, then transforming them into Vibe® Brand Boutique Office Properties. Over the past 5 years Vibe has strategically acquired a portfolio of over 15 properties in high growth markets primarily in the western half of the country. For more information, please visit: vibeinc.com.
About Manhattan Real Estate Holdings
Manhattan Real Estate Holdings, Inc. (“MREH”) and entities, is a commercial real estate investment and development firm, established in 2015, with the major purpose of acquiring medical office buildings.