The $41 million sale of Newport Harbor Medical Plaza in Newport Beach (approximately $1,367 per-square-foot) sets a new high-water mark for Newport Beach medical assets. The class-A three-story medical office building is 100 percent leased to USC’s Keck School of Medicine.

The buyer was a private investor who was represented by Anton Qiu of San Francisco-based Anchor Pacific Capital. Newmark’s Sean Fulp, Garth Hogan, John Scruggs, Mark Schuessler and Ryan Plummer represented the seller, Advanced Medical Properties, a Newport Beach-based and physician-owned development firm. The Newmark team originally procured the tenant and negotiated the long-term lease with USC in early 2020.

“This deal checked all of the boxes: credit tenant, core location, long-term lease, hospital-adjacent, new class-A construction,” said Hogan.

The building was completed in 2020 at 330 Old Newport Blvd. and consists of 29,991 square feet of medical office space. USC will operate the facility as a cancer treatment center and plans to collaborate with Hoag Hospital on treatment and clinical trials. The property is located across the street from Hoag’s campus near the 55, 73, and 405 freeways as well as Pacific Coast Highway.

“This was the culmination of a long journey that we have been on with the owner,” said Scruggs. “We were thrilled to land a tenant as strong as USC and then be able to execute on the sale at record pricing.”