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St. Joe’s Hospital Divests Santa Ana Facility for $38M

Irvine, CA-based IRA Capital acquired a medical office building in Santa Ana, CA from St. Joseph Hospital of Orange and affiliated entities for $38.4 million. Located at 2212 E. 4th St., the 56,809 square-foot property is home to anchor tenant St. Joseph Hospital of Orange, the third largest not-for-profit health system in the United States.

The hospital currently operates primary care services, a pharmacy and dialysis center at the site. The freestanding, three-story medical office building recently underwent an $8.5 million specialized medical improvement program and features excess land that can accommodate an additional medical office building.

CBRE’s Gary Stache, Anthony DeLorenzo, Doug Mack, Bryan Johnson and Chris Martin represented the seller. The buyer was self- represented.

“St. Joseph Hospital has occupied the property since 2008 and is currently on a 10-year, triple-net lease that eliminates significant rollover risks for the new owner,” said Stache.

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About Dennis Kaiser

Dennis Kaiser is Vice President of Content and Public Relations for Connect Commercial Real Estate. Dennis is a communications leader with more than 30 years of experience including as a journalist and in corporate and agency marketing communications roles. He is responsible for Connect’s client content operations and is involved in a range of initiatives ranging from content strategy, message development, copywriting, media relations, social media and content marketing services. In his most recent corporate communications roles, he led a regional public relations effort across Southern California for CBRE, played a key marketing role on JLL’s national retail team, and was responsible for directing the global public relations effort at ValleyCrest, the nation’s largest commercial landscape services company. In addition to his vast commercial real estate experience, Dennis has worked on communications and launch strategies for a number of residential projects such as Disney’s Celebration in Florida, Ritter Ranch in Palmdale California (7,200 homes, 22,000 acres), WaterColor in Florida and PremierGarage in Phoenix. Dennis’s agency background included firms such as Idea Hall and Macy + Associates. He has earned an outstanding reputation with organization leaders as a trusted advisor, strategic program implementer, consensus builder and exceptional collaborator. Dennis has developed and managed national communications programs for Fortune 500 companies to start-ups, both public and private. He’s successfully worked with journalists across the globe representing clients involved in major-breaking news stories, product launches, media tours, and company news announcements. Dennis has been involved in a host of charitable and community organizations including the American Cancer Society, Easter Seals, BoyScouts, Chrysalis Foundation, Freedom For Life, HOLA, L.A.’s BEST, Reach Out and Read, Super Bowl Host Committee, and Thunderbirds Charities.