The buyer was Healthcare Realty Trust, which acquired the recently renovated property in an off-market deal for $14 million. The seller was Trico Sycamore Plaza, L.P., the original developer and only previous owner of the property.
Travis Ives, Gino Lollio and Scott Niedergang of Cushman & Wakefield’s U.S. Healthcare Capital Markets Team represented the buyer in the transaction.
“Trico Sycamore Plaza is a high-quality, modern medical office building desirably positioned across from a major regional hospital campus” said Travis Ives, Managing Director. “Orange County is a tight medical office market, with high barriers to entry, which appeals to long-term investors like Healthcare Realty Trust.”
Located at 431 S Batavia at the intersection of W La Veta Ave, the Trico Sycamore Plaza is walkable to St. Joseph Hospital of Orange and the Children’s Hospital of Orange County (CHOC). The location provides convenient access to the 22, 55, 57, and 5 freeways. The property also offers ample free parking. Trico Sycamore Plaza was built in 2003 and completed an extensive renovation in 2018.
Since the onset of the pandemic, Cushman & Wakefield’s U.S. Healthcare Capital Markets Team has closed nearly 10 transactions approaching $80 million.
Ives commented, “Our success during this unprecedented market disruption speaks to the continued strength of the medical office sector. In addition to the traditional medical office investors that were already in this space, we’re now seeing an influx of new capital crossing over from other product types seeking the dependable cash flow and recession-resistant nature of medical office buildings.”