Creek Medical Buildings in Irvine Sells for $16.25 Million
In a noteworthy transaction, CBRE has announced the sale of Creek Medical Buildings, a medical office complex comprising three well-designed buildings totaling 43,374 square feet, located at 37, 39, and 41 Creek Road in Irvine, California. This medical office property sold for a compelling price of $16.25 million, representing a 5.9% cap rate and $375 per square foot. This acquisition highlights the ongoing demand for healthcare facilities in highly desirable locations.
Strategic Location and Tenant Mix
The Creek Medical Buildings are ideally situated within Irvine’s esteemed healthcare corridor, particularly in the Woodbridge neighborhood. Anthony DeLorenzo, Vice Chairman at CBRE, emphasized the property’s strategic advantages. “Creek Medical Buildings offered a compelling opportunity to acquire a fully leased medical office asset in one of Orange County’s most desirable healthcare hubs,” he stated. The site benefits from proximity to major transportation arteries and a robust, affluent demographic, positioning it as a prime choice for healthcare providers.
Strong Investment Opportunity
The sale of Creek Medical Buildings showcases the attractiveness of fully occupied medical office investments. The property boasts a strong tenant mix and below-market rents, making it an appealing option for long-term investors. The fundamentals driving demand in the healthcare sector, particularly in affluent areas like Irvine, underscore the potential for value creation. Investors seeking stable income and growth opportunities in commercial real estate find such properties particularly attractive.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE: CBRE) is renowned as one of the world’s leading commercial real estate services and investment firms, headquartered in Dallas and recognized in the Fortune 500 and S&P 500. The firm employs over 140,000 professionals worldwide, expanding its reach across more than 100 countries. CBRE operates through various business segments, including Advisory, Building Operations & Experience, Project Management, and Real Estate Investments. Their services span leasing, sales, facilities management, project management, and investment management. For further information about their services, visit CBRE’s official website.
Healthcare Real Estate Trends
The increasing focus on healthcare real estate has continued to evolve, with investors prioritizing properties that support a diverse range of medical services. The steady demand for healthcare facilities, especially in densely populated and affluent regions like Orange County, presents lucrative opportunities for investment. As the healthcare industry grows, demand for specialized medical spaces is expected to remain high, attracting both domestic and international investors.
Conclusion
The successful sale of the Creek Medical Buildings marks a significant milestone in the continued evolution of the healthcare real estate sector in Irvine, California. The property’s prime location, strong tenant mix, and potential for value appreciation make it an exemplary investment in a thriving market. As healthcare continues to benefit from population growth and demographic shifts, properties of this caliber will likely remain in high demand, further solidifying their status as prime investment opportunities. For more insights into the healthcare real estate market, refer to industry reports and news platforms such as The Registry Southern California Real Estate News.
