NEWPORT BEACH, CA—Real Estate Real Estate Development Associates, LLC has partnered with The Bascom Group and Lake Forrest, IL-based investment firm, Westminster Capital, LLC on the land acquisition and development of four acres in the Santa Ana Heights area.
The venture will begin construction on the 64,000 square-foot Newport Heights Medical Campus this summer.
There is currently 1.3 million square feet of medical office space in the greater Newport Beach and Costa Mesa region with a vacancy rate of 5.6%, the lowest in the county, according to Cushman and Wakefield. Due to the low vacancy rate, many medical office buildings in the area are experiencing a waiting list of tenants.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
