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.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- 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
*May exclude premium content© 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.
