FOR IMMEDIATE RELEASE
Located Across the Street from Saddleback Hospital, Institutional Quality Asset is a Rare MOB Trade
Laguna Hills, CA (January 22, 2020) – The Colliers’ Healthcare Orange County Team just announced the closing of the highly-sought-after medical building known as the “Taj Mahal” located at 23521 Paseo De Valencia Laguna Hills, CA 92637. The 88,538 square-foot property sold for $42,000,000 “off-market” to Healthcare Realty, which Colliers represented.
The property was purchased from The Muller Company, which owned the building since the late 1990s.
Originally developed in 1964, Taj Mahal was designed as an office building following the neoclassical contemporary architecture of its time. Its idyllic location – being situated across the street from the rapidly growing Saddleback Memorial Hospital – caused the owners to reposition the asset to medical office in order to better meet growing demand for healthcare buildings in the area. Following suit with the market, the building was later updated in 2011, modernizing it to the demands of the 21st Century both in design and functionality. In 2017 the Taj Mahal was awarded the (BOMA) Southwest Regional TOBY (Outstanding Building of the Year).
“The Taj Mahal building is as unique as its namesake in the commercial real estate world,” said Senior Vice President of Healthcare Services at Colliers John Wadsworth who was the lead broker in the transaction. “The scarcity of acquiring a medical building in Southern California, let alone South Orange County, located across the street from a strong hospital, coupled with its size and tenant mix, was incredibly rare.”
Noting historic demand for high quality healthcare properties, Wadsworth and his team are continually tasked with finding owners willing to sell. Healthcare Reality, a REIT focused solely on the healthcare sector, coupled with its long-term hold approach to ownership and one of the most active buyers of MOB’s in the US, were all key attributes to ‘start the conversation’ with the seller and ultimately transact. In an aggressive buy mode and with this acquisition complete, Healthcare Realty’s portfolio in Southern California now totals nearly 825,000 square feet.
“This sale checked all the boxes for a high-quality institutional MOB deal, and we couldn’t be happier for Healthcare Realty and all parties involved in this transaction,” concluded Wadsworth.
About Colliers International Group Inc.
Colliers International (NASDAQ, TSX: CIGI) is a leading global real estate services and investment management company. With operations in 68 countries, our 14,000 enterprising people work collaboratively to provide expert advice and services to maximize the value of property for real estate occupiers, owners and investors. For more than 20 years, our experienced leadership team, owning approximately 40% of our equity, have delivered industry-leading investment returns for shareholders. In 2018, corporate revenues were $2.8 billion ($3.3 billion including affiliates), with more than $26 billion of assets under management. Learn more about how we accelerate success at corporate.colliers.com, Twitter @Colliers or LinkedIn.
Allison + Partners Los Angeles
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