ORANGE, CA—NAI Capital has completed the sale of the Centrum North Building, located at 1120 W. La Veta Ave. in Orange, to CRC Real Estate Corporation, an affiliate of CHOC Children's. The sale price totalled $43,950,000 or approximately $245 per square foot. The seller, 4128 Wilshire, LLC, was represented by CBRE.
The sale was arranged through Sonya Dopp-Grech, senior vice president and director of healthcare services group at NAI Capital, a brokerage firm that has represented CRC Real Estate Corp. for many years. "Due to its proximity to CHOC Children's Hospital, this acquisition is strategic for both the long-term growth of the hospital and as an institutional quality investment," said Dopp-Grech.
Made of glass and steel, the Centrum North building was built in 1985. It is an eight-story class A medical and office building with approximately 179,279 square feet. It is located in a prominent cluster of medical service providers, including CHOC Children's Hospital and St. Joseph Hospital.
"The purchase of this building, located across the street from our main campus, supports our organizational strategies and the growth needs of CHOC's pediatric system of care," said Kerri Ruppert Schiller, senior vice president and CFO, CHOC Children's.
Founded in 1979, NAI Capital Company is one of the Southern California's leading full-service commercial real estate organizations, providing a complete range of transaction, property management and consulting services. NAI Capital is one of the largest members of NAI Global, a premier real estate service network with 375 offices and 6,700 market leaders spanning the globe.
NAI Global is the single largest, most powerful global network of owner-operated commercial real estate brokerage firms. NAI Global was acquired in 2012 by C-III Capital Partners, a leading commercial real estate services company engaged in a broad range of activities. C-III's principal place of business is located in Irving, TX, with additional offices in New York City, Greenville, SC and Nashville, TN.
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