JLL closes sale of 2767 East Imperial Highway in Orange County

The single-tenant medical office building is net leased to St. Jude Medical

August 21, 2019

NEWPORT BEACH, Calif., August 21, 2019 – JLL announced today that it has closed the sale of 2767 East Imperial Highway, an 89,650-square-foot, single-tenant, net-lease medical office property in the Orange County community of Brea, California.

JLL represented the seller, a joint venture between Healthcare Property Advisors and The Innovation Institute, and procured the buyer, LaSalle Investment Management, through their medical office fund.

2767 East Imperial Highway is fully leased to St. Jude Hospital for 14 remaining years. St. Jude is a network hospital of Providence St. Joseph Health (S&P: AA-). The two-story property is positioned on 5.08 acres with frontage and visibility from Imperial Highway as well as convenient access to the 57 Freeway, one of Orange County’s most important north-south arterials. The property is the largest standalone physical rehabilitation center in Southern California with proximity to St. Jude Hospital in Fullerton, California.

The JLL Capital Markets team representing the seller included Nick Foster, who is part of the Net Lease Practice Group; Evan Kovac and Andrew Milne from the National Healthcare Capital Markets Team and Andrew Harper from the Los Angeles office investment advisory team. Additionally, John Chun, who is a member of the National Healthcare Capital Markets Team, advised from a debt and structured finance perspective.

“JLL was fortunate enough to take this opportunity full circle for ownership, financing the original acquisition and then listing the asset after ownership was able to negotiate a long-term extension for the tenant,” Foster said. “We were extremely pleased with the level of interest in the opportunity, receiving twelve competitive offers. Ultimately, we had the good fortune of selecting an excellent new owner in LaSalle, who performed flawlessly.”

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. Jones Lang LaSalle Americas, Inc. is a licensed real estate broker with the California Department of Real Estate license #01223413.

For more news, videos and research resources on JLL, please visit the firm’s U.S. media center Web page: U.S. newsroom.

Deal secured by Holliday GP Corp. (“HFF”) prior to being acquired by JLL on July 1, 2019. HFF is now part of JLL. Real estate brokerage services now provided by Jones Lang LaSalle Americas, Inc.

About JLL

JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit

About Healthcare Property Advisors

Healthcare Property Advisors (HPA) is a national, full-service and vertically integrated medical office building developer and investor specializing in healthcare real estate. HPA partners with health systems, acute care, pediatric and senior care hospitals and medical groups, across the United States. HPA specializes in acquiring, developing, leasing and managing medical office buildings, specializing in ambulatory care centers, clinics and parking structures with the backing of institutional capital through our discretionary Growth Fund and other joint ventures. HPA’s efficient, hands-on management and ability to enhance these properties with attractive economic returns for its investors, while being mindful in delivering an asset that serves the purpose of the community and its health systems. Healthcare real estate requires more efficient ways of delivering outpatient services and with HPA’s background and expertise, HPA is able to assist health systems in their future growth of outpatient strategies. For more information, please visit or contact us at

HPA is a subsidiary of The Innovation Institute

About the Innovation Institute

The Innovation Institute is an independent, for-profit LLC structured to cultivate innovative solutions to transform healthcare delivery. The Innovation Institute is owned by non-profit health systems. This collaboration taps into physicians, employees, and industry business partners to incubate and commercialize new medical products and ideas through its Innovation Lab. Comprised of three distinct elements – an innovation lab, an investment fund, and a shared services group (Enterprise Development Group), The Innovation Institute strives to “do more, with less, for more people.” For more information, visit

About LaSalle Investment Management, Inc.

LaSalle Investment Management is one of the world's leading real estate investment managers. On a global basis, LaSalle manages approximately $65 billion of assets in private and public real estate property and debt investments as of Q1 2019. LaSalle's diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles including separate accounts, open- and closed-end funds, public securities and entity-level investments. For more information, please visit and LinkedIn.