Loan Will Convert 114 Pacifica Into Class-A Medical Office
By: Lisa Brown
114 Pacifica Court, a 110,392-square-foot office building in Irvine, recently obtained financing. Loan proceeds of an unspecified amount will be used to convert 114 Pacifica into a class-A medical office building, which will include adding a three-level parking structure in the north end of the property. In addition, the property is currently 49 percent occupied and as leases roll over the next two years, ownership will convert the general office tenants to medical office tenants.
JLL managing director John Chun worked on behalf of the borrower, Meridian and Harrison Street, to secure the floating-rate loan through H.I.G. Realty Partners. The three-year loan has two one-year extension options.
Located within the high-barrier-to-entry Irvine Spectrum submarket, the property is near numerous medical office demand drivers including Hoag Hospital’s Irvine campus, the City of Hope Cancer Center and the UCI Medical Center Irvine-Newport project. 114 Pacifica offers regional access via major transportation routes including the 5, 405 and 133 Freeways.