USC Medical Plaza in SoCal Trades for $41M via 1031 Exchange
Advanced Medical Properties has sold Newport Harbor Medical Plaza, a Class A medical office in Newport Beach, Calif., for $41 million.
The buyer, a private investor, acquired the property via a 1031 exchange.
The three-story building — home to 29,991 square feet of medical office space — was completed in 2020, and is located at 330 Old Newport Boulevard in the coastal city about 40 miles south of Los Angeles.
The property is completely leased to the University of Southern California’s Keck School of Medicine for 10 years, which plans to operate the facility as a state-of-the art cancer treatment center. The university plans to collaborate with Hoag Hospital, located across the street from the office building, on treatment and clinical trials.
Newmark’s Sean Fulp, Garth Hogan, John Scruggs, Mark Schuessler and Ryan Plummer represented the seller. Anton Qiu of San Francisco-based Anchor Pacific Capital represented the buyer.
“This was the culmination of a long journey that we have been on with the owner,” Scruggs said in prepared remarks. “We were thrilled to land a tenant as strong as USC and then be able to execute on the sale at record pricing.”