TUSTIN, Calif., November 11, 2021 – Cushman & Wakefield announced the firm has advised the sale of Tustin Rehabilitation Hospital, a 73,180-square-foot medical facility comprising two buildings in Tustin, California. Located at 14851 Yorba St and 165 N Myrtle Ave, the asset respectively consists of a single-story, 17,180-sf skilled nursing facility (SNF), which is currently vacant, and a two-story, 56,000-sf, 48-bed inpatient rehabilitation facility (IRF) which will become vacant by the end of this year.
Currently the only freestanding facility of it’s kind in Orange County, the property sold to an undisclosed healthcare investor/operator for $18 million. The buyer’s intentions for the property are confidential at this time.
The seller was an affiliate of Ventas, one of the world’s foremost diversified Real Estate Investment Trusts that invests in senior living communities, life science, research & innovation properties, medical office & outpatient facilities and other healthcare real estate. The seller was represented by Travis Ives and Gino Lollio of Cushman & Wakefield’s US Healthcare Capital Markets Team.
“Tustin Rehabilitation Hospital presented a rare opportunity to acquire a unique asset with distinct features that appeal to healthcare operators in particular. Our experience selling similar assets across the country guided our process to target the highest and best use for the property and procure the best possible buyer for our client,” said Travis Ives, Managing Director. “Ventas is one of the largest and most respected real estate investors in the world. We were humbled to have the opportunity to work for them on this assignment.”
Ives added, “Orange County continues to grow as a highly desirable coastal location with worldclass lifestyle and entertainment amenities for residents and employers. And as the need for healthcare services and therefore real estate continues to increase across Southern California, this facility is an ideal opportunity in a high barrier-to-entry, in-fill location.”
Cushman & Wakefield’s Healthcare Capital Markets Team comprising Travis Ives, in San Diego, and Gino Lollio, in Chicago have closed in excess of $1.6 billion in transactions. The duo have a combined 30+ years of experience in healthcare real estate.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and 60 countries. In 2020, the firm had revenue of $7.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services.