{"id":1004752927,"date":"2025-04-02T03:28:58","date_gmt":"2025-04-02T11:28:58","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004752927"},"modified":"2025-04-02T22:24:44","modified_gmt":"2025-04-03T06:24:44","slug":"orange-county-office-building-slated-for-conversion","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/orange-county-office-building-slated-for-conversion\/","title":{"rendered":"Orange County Office Building Slated for Conversion"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/04\/Newport-Irvine-Medical-Center.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"750\" data-attachment-id=\"1004752944\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/orange-county-office-building-slated-for-conversion\/newport-irvine-medical-center\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/04\/Newport-Irvine-Medical-Center.jpg\" data-orig-size=\"1000,750\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Newport Irvine Medical Center\" data-image-description=\"&lt;p&gt;Exterior rendering of Newport Irvine Medical Center. The three-story facility will have a white and glass fa\u00e7ade.&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;The building will be rebranded as Newport Irvine Medical Center upon completion, which is scheduled for next spring. Image courtesy of Archer Property Partners and Real Estate Development Associates&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/04\/Newport-Irvine-Medical-Center.jpg?w=1000\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/04\/Newport-Irvine-Medical-Center.jpg\" alt=\"Exterior rendering of Newport Irvine Medical Center. The three-story facility will have a white and glass fa\u00e7ade.\" class=\"wp-image-1004752944\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/04\/Newport-Irvine-Medical-Center.jpg 1000w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/04\/Newport-Irvine-Medical-Center.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/04\/Newport-Irvine-Medical-Center.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/a><figcaption class=\"wp-element-caption\">Upon redevelopment completion, the building will be rebranded as Newport Irvine Medical Center. <em>Image courtesy of Archer Property Partners and Real Estate Development Associates<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Archer Property Partners and Real Estate Development Associates have teamed up for an adaptive reuse project in Newport Beach, Calif. The duo intends to convert a 78,000-square-foot office building into a medical outpatient facility.<\/p>\n\n\n\n<p>The partnership received unanimous approval from the Newport Beach Planning Commission this January to redevelop the property. MedWest Realty will handle the leasing efforts.<\/p>\n\n\n\n<p>According to the project&#8217;s submitted timeline, the ownership will break ground on a new parking structure at the property in June and commence building renovations in September. Completion is expected next spring, with medical tenants to move in by summer.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/challenges-create-opportunities-says-mob-investor\/\">Challenges Create Opportunities, Says MOB Investor<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>The 1980-completed building is at 3300 Irvine Ave., close to John Wayne Airport and less than 5 miles from Irvine, Calif.&#8217;s central business district. Other medical providers in the area include UCI Health Irvine Hospital and UCI Health Gottschalk Medical Plaza.<\/p>\n\n\n\n<p>Archer and REDA acquired the asset, dubbed Newport Irvine Center, in 2023 for $18.5 million. The three-story building currently has floorplates averaging 25,557 square feet and two passenger elevators, according to CommercialEdge information. The property currently has more than 270 parking spaces.<\/p>\n\n\n\n<p>Upon repurposing, the building will be renamed to Newport Irvine Medical Center. The facility will feature a new three-story atrium, enhanced common areas and elevators and will support a wide range of healthcare providers, from specialty practices to wellness services.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-mob-sector-poised-to-grow\">MOB sector poised to grow<\/h2>\n\n\n\n<p>The medical office building sector is poised for a 10.6 percent inventory growth over the next five years, <a href=\"https:\/\/www.commercialsearch.com\/news\/why-mobs-remain-a-strong-bet-for-investors\/\">a JLL report<\/a> shows. This growth is mainly driven by the aging population, even though the commercial real estate sector is currently facing economic uncertainties.<\/p>\n\n\n\n<p>However, construction activity was rather scarce in the last quarter of 2024, with project starts at just 0.8 percent of the existing stock, a record low. Absorption rates surged during the same timeframe, surpassing 19 million square feet across the top 100 markets.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>This property in Newport Beach will turn into a medical facility.<\/p>\n","protected":false},"author":3355,"featured_media":1004752944,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21782,21783,21754,21742,34267,15],"tags":[36278],"class_list":["post-1004752927","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-development","category-investment","category-medical-office","category-latest","category-orange-county","category-west","tag-medical-office-building"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Orange County Office Building Slated for Conversion - 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