RevCare Cuts 53,500-SF Sale-Leaseback

CYPRESS, CA-SCP Park Meadows LLC of Indiana has purchased a 53,500-sf office building that serves as the headquarters for former owner-occupant RevCare Inc., for about $5.8 million.

Jeff Hanson of the Grubb & Ellis Co. investment division in Newport Beach tells GlobeSt.com that Cypress City Center is fully occupied by RevCare, a medical billing service that had owned the property since 1988. Hanson and David Shammas in Grubb & Ellis’ Anaheim office represented the seller, with the buyer represented by Silver Creek Investments, a South Orange County entity that is a local partner of the Indiana company.

As part of the deal, RevCare signed a 12-year lease to remain in the 25-year-old, two-story structure at 5400 Orange Ave. The lease terms were not available, but market rates for comparable space are about $1 per sf per month, triple net. RevCare provides accounts receivable management, administration and debt collection services primarily to health care providers.