CRC Real Estate Buys the Centrum North Building

Real estate brokerage firm NAI Capital announced this week that it had arranged the sale of the Centrum North Building, an eight-story Class A medical office building in Orange, California. The Centrum North Building was sold to CRC Real Estate Corporation, an affiliate of CHOC Children's, for $43,950,000 or approximately $245 per square foot. Terms of the deal were not disclosed, but NAI did note that the seller, 4128 Wilshire, LLC, was represented by CBRE in the transaction.

"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 Sonya Dopp-Grech, senior vice president and director of healthcare services group at NAI Capital. "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," added Kerri Ruppert Schiller, senior vice president and CFO, CHOC Children's.

Built in 1985, the Centrum North Building at 1120 W. La Veta Avenue offers approximately 179,279 square feet of space and located within a prominent cluster of medical service providers, including CHOC Children's Hospital and St. Joseph Hospital. The building has a modern red brick and black glass façade, with a soaring two-story lobby and an adjacent five-story parking garage.

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