In a $41 million deal, Shaoulian Cardiology, through its Advanced Medical Properties LLC, has sold Newport Harbor Medical Plaza in Newport Beach, Calif.
According to county records, the buyer of the medical office is Forward Time Corp., which acquired the property through a 1031 exchange. The sale was subject to a $12 million loan held by East West Bank, records show.
Anchor Pacific Capital represented the buyer in the transaction, while a Newmark team represented Advanced Medical Properties. Newmark also negotiated the lease agreement in 2020, when the building was completed. According to CommercialEdge data, the developer took a $20.1 million construction loan originated by Thorofare Capital in 2019.
The Class A, 29,991-square-foot office building is located at 330 Old Newport Blvd. The three-story building features floorplates between 13,426 and 14,929 square feet and benefits from a glass curtain wall system and outdoor deck areas. Newport Harbor Medical Plaza is situated across the street from Hoag Hospital and benefits from immediate access to State Route 55 and Pacific Coast Highway.
Keck Medicine of University of Southern California is the sole tenant of the property. The health-care provider plans to use the space as a cancer treatment center, while also hoping to offer clinical trials at the site, a Keck Medicine spokesperson told Commercial Property Executive. The first floor will house a USC Norris-licensed clinic comprising 24 exam rooms and on-site lab and compounding chemotherapy pharmacy. The second floor will be a USC Norris-licensed treatment center with 32 semi-private infusion chairs and two private infusion rooms.
Keck Medicine of USC also operates a cancer treatment facility at 300 Old Newport Blvd., just down the street from Newport Harbor Medical Plaza.
The property traded at approximately $1,367 per square foot, which sets a record for the Orange County medical office market, according to Newmark. CommercialEdge data indicates that there have been three medical office sales in the market since April last year, trading at prices per square foot ranging from $404 to $676. Recently, Meridian sold a 57,573-square-foot medical office building in Laguna Hills, Calif., for $31.3 million.