HFF, on behalf of the owner, is marketing a portfolio of three single-tenant, net-lease office buildings totaling 221,192 square feet in Brea, California, and Lubbock, Texas. The portfolio includes the 104,662-square-foot building at 2727 East Imperial Highway and the 95,650-square-foot building at 2767 East Imperial Highway, both in the Orange County community of Brea, California, along with the 20,880-square-foot property at 3601 21st Street in Lubbock, Texas. The buildings are fully leased and either available as a portfolio or individual offerings.
Office Portfolio Investment Highlights
- Quality Tenancy: 2727 East Imperial Highway is occupied by Collins Aerospace, one of the world’s largest suppliers of technologically advanced aerospace and defense products. The property features a highly specialized buildout for Collins Aerospace, with significant tenant investment since the tenant’s commencement in June 2012. With 3.5 years of remaining lease term (with 3% annual rent increases), the property offers a tremendous value creation opportunity for potential investors. 2767 East Imperial Highway is fully leased to St. Jude Hospital (“St. Jude”), a wholly-owned subsidiary of Providence St. Joseph Health (S&P: AA-). St. Jude recently extended their lease, and there are approximately 14 years left of remaining term. 3601 21st Street is occupied by Covenant Health System, a wholly-owned subsidiary of Providence St. Joseph (Moody’s: Aa3). Covenant is the largest healthcare institution in West Texas with six primary acute-care hospitals, more than 20 clinics, 50 physician practice locations, more than 5,000 employees and over 600 physicians. Covenant’s network spans across 62 counties and more than 175 miles from Lubbock, serving an area of 1.2 million people in the region.
- Ideal Locations for Corporate and/or Medical Tenants: With frontage along Imperial Highway, the Brea commercial properties for sale also benefit from easy access to the 57 Freeway, the city’s most important north-south arterial connecting the area to San Gabriel Valley and the Inland Empire to the north and Anaheim to the south. Additionally, 2767 East Imperial Highway is within a five-mile drive of the 320-bed St. Jude Hospital in Fullerton, which is part of the same investment-grade health system as the tenant. The Lubbock property is situated within the 200-acre Lubbock Medical District, the largest medical corridor in West Texas with 3.5 million square feet of healthcare real estate. It’s also at the front door of the 394-bed Covenant Medical Center, the largest hospital by both bed count and revenue in the Covenant Health System network.