Irvine, CA — Newmark 1 announces it has completed the $17.5 million sale of 15 Mareblu, a 34,222-square-foot medical office building located in Aliso Viejo, California, one of the most affluent neighborhoods in Orange County. Newmark Managing Director John Scruggs and Associate Daniel Nabavi represented the undisclosed seller. The asset was 62% leased at the time of sale.
“The Aliso Viejo area benefits from a strong demographic profile and tenant base as well as ease of access via arterial freeways from Orange County and northern San Diego,” said Scruggs.
“Demand for medical office investments has escalated rapidly following the COVID-19 pandemic as investors look for opportunities to diversify their portfolio with stable asset types such as medical office and industrial properties.”
15 Mareblu, also known as the Aliso Viejo Professional Centre, is a three-story, medical office building built in 1990 and featuring elevators, sprinklers throughout, abundant natural light and 144 free surface parking spaces. The building also features excellent highway exposure on California State Route 73, with building-top signage opportunities. The Laguna Hills/Aliso Viejo region is one of the most affluent in Orange County, and benefits from strong demographics. 15 Mareblu is located just 0.3 miles from California State Route 73 and 3.7 miles from Interstate 5, making it easily accessible to Orange County and northern San Diego.
Tenants enjoy easy access to amenities with a short drive to Aliso Viejo Town Center and The Shops at Mission Viejo. According to Newmark’s Global Healthcare Services specialty practice group, medical office building (MOB) sales saw a flurry of transactions during the third quarter of 2021, with a 103% increase in transaction volume compared to the third quarter of 2020. Year-to-date transaction volume through the third quarter has also increased by 13% compared to the first three quarters of 2020. With more investors entering the MOB space, third-quarter cap rates compressed to 6.2%. The tightening market drove the average price per square foot to $377—the highest it has been in the past five years.
