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Orange County Medical Office Development Breaks Ground
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Added: 01/04/2005
Type: Summary
Viewed: 730 time(s)
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Orange County Medical Office Development Breaks Ground
Menlo Park, CA January 4, 2005 - HG Capital, LLC (HG), in a joint venture with Newport Real Estate Services, is pleased to announce the development of new medical office condominiums in Foothill Ranch, in the city of Lake Forrest, California. HG Capital invested $2.7 million of equity capital in the $9 million project. The remainder of the project’s capitalization came from developer co-investment and a construction loan from Pacific Mercantile Bank.
The four building, 30,400 square foot development, located near Mission Viejo, California, broke ground in August 2004 and is expected to be complete in April 2005. The facility is currently more than 50 percent pre-sold to owner-user doctors and medical practice groups. The average condominium space per buyer is approximately 4,000 square feet. DeRevere and Associates of Newport Beach is the project’s architect.
“The site has great visibility and freeway access in a fast growing part of Orange County”, said HG president, Henry Bandet. “The need for services such as medical offices has followed the growth of new residential units, and this project is a great opportunity to meet that demand with a for-sale office product.”
About HG Capital, LLC
HG Capital, LLC (HG) is a real estate investment group that provides joint venture equity capital to real estate owners and developers for value-added and opportunistic real estate projects in the western United States. HG makes principal investments from its discretionary management of the HG Capital private equity funds. HG manages over $100 million and has invested in over $1 billion worth of projects since 1995. With offices in Menlo Park and Newport Beach, California, HG has established a successful track record based upon its highly responsive and entrepreneurial approach to real estate investing.
About Newport Real Estate Services
Newport Real Estate Services, Inc. (NRES) is a full service real estate firm that provides a wide range of real estate-related services to developers, institutional investors and corporate clients. These services include: real estate development, construction and project management, real estate consulting, corporate real estate services, and property and asset management. Unlike the typical consultant, construction management or design/build firm that has a single discipline, the NRES full service approach to real estate uniquely qualifies it for complex projects that require development, construction, marketing and other real estate-related competencies.
Contact: Greg Alden
HG Capital, LLC
(650) 322-3400 ext. 202
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