Brea, Calif. – Representing the buyer, HPA Realty, Inc., a real estate development, brokerage, and property management firm in the healthcare industry, announced the purchase of a 20,800 square foot medical office building (MOB) at 101 Laguna Road, adjacent to St. Jude Medical Center in Fullerton, California for approximately $7,339,000.
According to HPA President James McGrade, the purchase was made through HPA’s Growth Fund as a strategic investment in the future growth and planning of the hospital.
The HPA Growth Fund, which is managed by Healthcare Property Advisors, is capped at USD $1 billion, and its institutional partners, including The Innovation Institute, are slated to grow this portfolio as the fund welcomes additional investors, partners, and real estate opportunities.
HPA served as leasing and property manager for the building’s previous owner and continues its services to lease and manage the property moving forward. In addition, the entire first floor will be leased to St. Joseph Heritage Healthcare, relocating from a nearby building. Exterior and interior construction commences this summer.
This acquisition follows a recent purchase of a partnership interest at another MOB at 301 Bastanchury Road in Fullerton.
In 2014, HPA became a subsidiary company of The Innovation Institute, an incubator of innovative solutions to transform healthcare delivery.
HPA, a subsidiary of The Innovation Institute, is a commercial real estate developer, brokerage and property management firm with a focus on the healthcare industry. The management team is highly experienced in all aspects of acquisition, disposition, and management of medical and commercial properties.
For more information, go to www.ii-hpa.com