20,000 SF PROJECT WOULD ADD TO MARKET WITH 7.8 PERCENT MOB VACANCY RATE
By John Mugford
The only medical office building currently being planned in Aliso Viejo, Calif., located in Orange County, is a two-story, 20,000 square foot facility called Two Journey Medical Plaza. The project, which is being billed as “eco-friendly,” received city approval in May and construction is slated to being this coming fall.
The developer on the project is Irvine, Calif.-based ACS Development Group Inc. and the architect is LPA Inc., which is also based in Irvine. Marketing the project is the local office of Lee & Associates.
At a time when the developer says many projects in the area have been put on hold, ACS officials say they are moving forward with Two Journey Medical Plaza because they see strong demand for an eco-friendly facility.
In a news release from ACS, the company’s principal, Fred Alaghband, said: “At a time when there are no other medical buildings planned or under construction in Aliso Viejo, we’re also offering ownership opportunities.”
He explained that physician-tenants who sign leases prior to the start of construction have an opportunity to invest as an equity partner – with limited liability – in the building. ACS concentrates on the development of MOBs and has developed nine projects in Orange County during the past five years.
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