Fully Leased Southern California Medical Office Complex Sells for $125M
By Greg Cornfield February 2, 2022 4:05 pm
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Southern California has all the familiar symptoms of a healthy medical real estate market.
Houston-based Lionstone Investments has acquired a fully leased, two-building medical office complex in Orange County for $125 million, property records show. JLL (JLL) announced the deal, but did not disclose the name of the seller or the sales price.
The 146,510-square-foot Newport Lido Medical Center is located at 351 and 361 Hospital Road in Newport Beach. It’s part of the 434-bed, Hoag Hospital Newport Beach campus. Hoag Hospital Newport Beach’s Surgery Center and Prime Surgical Center are the anchor tenants.
Lionstone was not immediately available for comment.
U.S. News & World Report ranked Hoag Memorial Hospital Presbyterian as one of the top 10 hospitals in the state and the top hospital in Orange County.
JLL’s Andrew Milne and Evan Kovac, John Chun and Matt DiCesare represented the undisclosed seller with support from Niema Beglari, Trent Jemmett and Chad Prescher. JLL’s Blake Bokosky, Mark DeGiorgio, Monica Enes and Kellie Hill also advised on the deal.
“Newport Lido Medical Center represents one of the most significant sale transactions in the history of the medical office sector,” said Kovac. “There are few, if any, single-property medical office sales that have occurred in the sector’s history that rival the profile and quality characteristics embodied in Newport Lido Medical Center.”
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
