CBRE Arranges Orange County MOB Sale
Ian Schroeder, Melissa Ley and Allison McDuffie assisted the seller in the disposition of the 11,499-square-foot asset in Tustin, Calif.
721 W. First St. Image courtesy of CBRE
CBRE has brokered the $8.4 million sale of a 11,499-square-foot medical office building in Tustin, Calif. The firm’s Ian Schroeder, Melissa Ley and Allison McDuffie assisted the seller, CREST Properties. The buyer purchased the property through a 1031 exchange. According to PropertyShark, the asset last traded in 2015 for $7.5 million.
Situated on 1.6 acres at 721 W. First St., the property is fully leased to DaVita Healthcare Partners Inc. The tenant uses the space for a chronic dialysis clinic with 25 stations. According to Schroeder, the property also includes a fully entitled 6,000-square-foot medical office site.
The building is less than a mile from the city center, near Freeway 55, in the Old Town neighborhood. The property is included in the Downtown Commercial Core Specific Plan, which aims to strengthen the area’s businesses by attracting patrons through shopping, dining and entertainment. There are eight hospitals and medical centers within a 3-mile radius.
Earlier this month, another CBRE team arranged the sale of a 129,590-square-foot medical office building in St. Louis. The brokerage firm represented the seller in the deal.
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