Bella Terra Medical Plaza Trades in Huntington Beach
The Bella Terra Medical Plaza, a four-story medical office building in Huntington Beach, has traded for $20 million.
JLL (JLL) announced the deal and represented the seller, Vibe Boutique Office Properties, and also procured the buyer, Manhattan Real Estate Holdings. The recently renovated, Class A medical office asset includes 59,354 square feet, and is approximately 90 percent leased to a variety of medical facilities and providers.
Records show it last sold for $11.24 million in August 2015. Mortgage records show that CTBC Bank provided $11.9 million in debt for the site in September 2019.
The 1.8-acre property is located at 7677 Center Avenue just off Interstate 405. It’s a half-mile from the Bella Terra, a luxury shopping and entertainment center which was reopened in September after San Jose-based DJM Capital Partners revamped it.
The JLL team representing Vibe Boutique was led by Derek Landry, Bob Prendergast, Sach Kirpalani and Lynn LaChapelle, along with the JLL health care team of Kellie Hill, Chris Isola and Bryan Lewitt.
Vibe is a private real estate company focused on acquiring office properties that are not typically targeted by REITs or other institutional companies, while Manhattan Real Estate Holdings is a commercial real estate investment and development firm established in 2015. Its major purpose is acquiring medical office buildings.