A joint venture between Archer Property Partners and Real Estate Development Associates (REDA) has acquired a 78,000-square-foot office building at 3300 Irvine Ave. in Newport Beach. The JV plans to transform it into Newport Irvine Medical Center, a state-of-the-art medical outpatient building (MOB).
Originally developed by The Koll Company in 1980, the building has long served as a general office space. However, with the continued decline in demand for traditional office space since the pandemic, the new ownership is converting the property to what it sees as its highest and best use.
“Newport Beach is one of the most sought-after locations for medical office space in Southern California,” said R.J. Sommerdyke, principal at Archer. “Medical office vacancy in the city is exceptionally low — less than 5% — with a severe lack of large blocks of contiguous space. Currently, there is only one space larger than 10,000 square feet available citywide. Many existing MOBs are aging and no longer meet the needs of today’s providers, making redevelopment projects like this essential.”
The post Archer, REDA Partner on Newport Beach MOB Redevelopment appeared first on Connect CRE.
