Odyssey Medical Sells Six of 32 Condos

IRVINE, CA-Buyer Miji Productions has acquired six units at the 52,000-square-foot Odyssey Medical Center medical office condominium project here. The six units that trade total 10,200 square feet, according to Grubb & Ellis, which represented the project ownership on the sales. The new medical office project was completed in October and is a two-story class A building that features condominiums ranging from 914 square feet to 2,477 square feet.

The six units that sold traded for $4 million, according to the Grubb & Ellis team that represented Odyssey. The team included Dave Kluver, Nick Carey and Greg Puccinelli of the Newport Beach office of Grubb & Ellis. The buyer was represented by Greg Marshall of Irvine-based Madison Street Partners.

Miji Productions is expected to take occupany of the six units, which average between 1,500 square feet and 2,000 square feet, by August. Kluver, who is representing Odyssey Medical Center Limited Partnership in marketing the remaining 26 units for sale, says that its appeal to buyers includes “an excellent location in a medically concentrated area.” The property is close to interstates 5 and 405 as well as the Spectrum Medical Plaza and the future home of Hoag Memorial Hospital Presbyterian.

When the developers unveiled plans for the project, they noted that in addition to its location, it would benefit from the strong demand for medical office space in Orange County. That reflects the generally strong demand for medical office space throughout the country.

A recent report by Marcus & Millichap, for example, said that medical office properties, since they exhibit “considerable resistance to the economic downturn,” are continuing to attract investor interest. Overall, the report said, the medical office building segment is holding up better than other product types.