Single-tenant, net lease medical office building leased to St. Jude Medical
NEWPORT BEACH, Calif., AUG. 21, 2019 – JLL announces that it has closed the sale of 2767 East Imperial Highway, an 89,650-square-foot, single tenant, net lease medical office property in the Orange County community of Brea, California.
JLL represented the seller, a joint venture between Healthcare Property Advisors and The Innovation Institute, and procured the buyer, LaSalle Investment Management, through their medical office fund.
2767 East Imperial Highway is fully leased to St. Jude Hospital for 14 remaining years. St. Jude is a network hospital of Providence St. Joseph Health (S&P: AA-). The two-story property is positioned on 5.08 acres with frontage and visibility from Imperial Highway as well as convenient access to the 57 Freeway, one of Orange County’s most important north-south arterials. The property is the largest standalone physical rehabilitation center in Southern California with proximity to St. Jude Hospital in Fullerton.
The JLL Capital Markets team representing the seller included Nick Foster, who is part of the Net Lease Practice Group, Evan Kovac and Andrew Milne from the Healthcare Capital Markets team and Andrew Harper, from the Los Angeles office sales team. Additionally, John Chun, who is a member of the Healthcare Capital Markets team advised from a debt and structured finance perspective.
“JLL was fortunate enough to take this opportunity full circle for ownership, financing the original acquisition and then listing the asset after ownership was able to negotiate a long-term extension for the tenant,” Foster said. “We were extremely pleased with the level of interest in the opportunity, receiving twelve competitive offers. Ultimately, we had the good fortune of selecting an excellent new owner in LaSalle, who performed flawlessly.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries. Jones Lang LaSalle Americas, Inc. is a licensed real estate broker with the California Department of Real Estate license #01223413.
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Deal secured by Holliday GP Corp. prior to being acquired by JLL on July 1, 2019. California Department of Real Estate license #01385740.
About Healthcare Property Advisors
Healthcare Property Advisors (HPA) is a national, full-service and vertically integrated medical office building developer and investor specializing in healthcare real estate. HPA partners with health systems, acute care, pediatric and senior care hospitals and medical groups, across the United States. We specialize in acquiring, developing, leasing, and managing medical office buildings, specializing in ambulatory care centers, clinics, and parking structures with the backing of institutional capital through our discretionary Growth Fund and other joint ventures. Our efficient, hands-on management and ability to enhance these properties with attractive economic returns for our investors, while being mindful in delivering an asset that serves the purpose of the community and its health systems. Healthcare real estate requires more efficient ways of delivering outpatient services and with HPA’s background and expertise, we are able to assist health systems in their future growth of outpatient strategies. For more information, please visit www.ii-hpa.com, or contact us at firstname.lastname@example.org.
HPA is a subsidiary of The Innovation Institute.
About the Innovation Institute
The Innovation Institute is an independent, for-profit LLC structured to cultivate innovative solutions to transform healthcare delivery. The Innovation Institute is owned by non-profit health systems. This collaboration taps into physicians, employees, and industry business partners to incubate and commercialize new medical products and ideas through its Innovation Lab. Comprised of three distinct elements – an innovation lab, an investment fund, and a shared services group (Enterprise Development Group), The Innovation Institute strives to “do more, with less, for more people.” For more information, visit www.ii4change.com.
About LaSalle Investment Management, Inc.
LaSalle Investment Management is one of the world’s leading real estate investment managers. On a global basis, LaSalle manages approximately $65 billion of assets in private and public real estate property and debt investments as of Q1 2019. LaSalle’s diverse client base includes public and private pension funds, insurance companies, governments, corporations, endowments and private individuals from across the globe. LaSalle sponsors a complete range of investment vehicles including separate accounts, open- and closed-end funds, public securities and entity-level investments. For more information, please visit lasalle.com and LinkedIn.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $16.3 billion, operations in over 80 countries and a global workforce of nearly 92,000 as of June 30, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
Contact: Nick Foster, JLL Director
California License No: 01831851
Phone: +1 949 253 8800
Contact: Evan Kovac, JLL Managing Director
California License No: 01750736
Phone: +1 206 576 0033
Contact: Andrew Milne, JLL Director
California License No: 01868031
Phone: +1 858 552 7690
Contact: Andrew Harper, JLL Managing Director
California License No: 01319640
Phone: +1 310 407 2100
Contact: Kristen Murphy, JLL Director, Public Relations
Phone: +1 617 338 0990
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