Newmark Completes Sale of Medical Building in Irvine
Newmark has announced it has completed the $27.6 million sale of Woodbridge Square Medical, a multi-tenant medical building in Irvine, CA. The 36,000-square-foot, two-story property is located at 4980 Barranca Pkwy. and is 94% leased.
Newmark’s Sean Fulp, Mark Schuessler, Ryan Plummer, John Scruggs, Kevin Shannon, Paul Jones and Ken White represented the seller, Boureston Development. The buyer is Anchor Health Properties.
Woodbridge Square Medical is within 2 miles of Hoag Hospital Irvine and Kaiser Permanente Irvine Medical Center. Scruggs said in a news release, “The property is one of the newest buildings in the submarket and well positioned to capture new entrants into the market. Demand for medical office in Irvine is expected to outpace supply, which will continue to put upward pressure on rents.”