For Immediate Release
Cushman & Wakefield’s Healthcare Capital Markets Team Represents Healthcare Realty Trust in Acquiring Medical Office Building for $14 Million in Orange County
Recently renovated property trades in off-market transaction, shows strength of MOB sector
ORANGE, Calif., October 13, 2020 – Cushman & Wakefield today announced the firm has brokered the sale of Trico Sycamore Plaza, a 22,580-square-foot multi-tenant medical office building located in the city of Orange (Orange County), California. The buyer was Healthcare Realty Trust, which acquired the recently renovated property in an off-market deal for $14 million. The seller was Trico Sycamore Plaza, L.P., the original developer and only previous owner of the property.
Travis Ives, Gino Lollio and Scott Niedergang of Cushman & Wakefield’s U.S. Healthcare Capital Markets Team represented the buyer in the transaction.
“Trico Sycamore Plaza is a high-quality, modern medical office building desirably positioned across from a major regional hospital campus” said Travis Ives, Managing Director. “Orange County is a tight medical office market, with high barriers to entry, which appeals to long-term investors like Healthcare Realty Trust.”
Located at 431 S Batavia at the intersection of W La Veta Ave, the Trico Sycamore Plaza is walkable to St. Joseph Hospital of Orange and the Children’s Hospital of Orange County (CHOC). The location provides convenient access to the 22, 55, 57, and 5 freeways. The property also offers ample free parking. Trico Sycamore Plaza was built in 2003 and completed an extensive renovation in 2018.
Since the onset of the pandemic, Cushman & Wakefield’s U.S. Healthcare Capital Markets Team has closed nearly 10 transactions approaching $80 million.
Ives commented, “Our success during this unprecedented market disruption speaks to the continued strength of the medical office sector. In addition to the traditional medical office investors that were already in this space, we’re now seeing an influx of new capital crossing over from other product types seeking the dependable cash flow and recession-resistant nature of medical office buildings.”
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 53,000 employees in 400 offices and 60 countries. In 2019, the firm had revenue of $8.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
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