OC Hungry for More MOB
Real Estate Development Associates (REDA) and The Bascom Group have picked up four acres in Newport Beach to develop 64k SF of MOB. REDA principal Jason Krotts tells us that besides the Hoag Hospital and the medical offices at Newport Center, this part of OC doesn't have much available MOB—and the demand's high. Currently the vacancy rate for MOB in Newport Beach and Costa Mesa is 5.6%, according to Cushman & Wakefield. Jason’s on the right, with Bascom Group managing principal Jerry Fink.
The development will include two buildings, 20350 and 20360 Birch St, which will begin construction this summer. Each will be designed for OSPHD-3 licensed medical clinics to support various uses, including outpatient surgery and dialysis centers. Cushman & Wakefield’s Don Yahn and Brett Swartzbaugh repped the developers in the land acquisition; CBRE's Chris Bates repped seller Newport Executive Court LLC. Ware Malcomb is the project architect.