MemorialCare Health System Completes Sale of 15-Acre Costa Mesa Property

News provided by

Sep 04, 2013, 06:05 ET

FOUNTAIN VALLEY, Calif., Sept. 4, 2013 /PRNewswire-USNewswire/ -- MemorialCare Health System, a Southern California not-for-profit integrated delivery system, announced today it has completed the sale of its 15-acre property in Costa Mesa to Banc of California, Inc. for $40 million.

The Costa Mesa property at 1588 South Coast Drive includes a three-story, 180,000 square-foot granite building with dramatic 405 freeway frontage visible to more than 400,000 commuters each day.

MemorialCare purchased the Costa Mesa property earlier this year and last month closed escrow on the Fountain Valley City Center with 300,000 square feet of office space, which recently became available for sale. The Fountain Valley property allows for future expansion of the fast-growing health system and its shared services, which fully occupy one of the three buildings on the property, and partially occupy a second building in a previous lease arrangement.

MemorialCare Health System has experienced tremendous growth. Its Seaside Health Plan opened for business September 1 and in the last few months MemorialCare announced partnerships and expansion of imaging and ambulatory surgery centers and added physicians to its medical groups.

"These developments enhance MemorialCare's mission of ensuring local communities convenient access to a network of exceptional integrated providers—top hospitals, physicians, outpatient facilities and preventive care for all ages," says Barry Arbuckle, PhD., president & CEO of MemorialCare Health System. More strategic partnerships will be announced this fall.

A national leader in workforce wellness, MemorialCare offers employers customized programs to improve the health and productivity of its workforce. These include education, screenings, executive physicals, on site clinics, exercise and nutrition programs, consultative and other services.

MemorialCare Health System is a not-for-profit integrated delivery system with more than 200 care sites, 12,000 employees, 2,500 affiliated physicians and six top hospitals – Long Beach Memorial, Miller Children's Hospital Long Beach, Community Hospital Long Beach, Orange Coast Memorial Medical Center in Fountain Valley and Saddleback Memorial Medical Center in Laguna Hills and San Clemente; a medical group – MemorialCare Medical Group; an Independent Practice Association (IPA) – Greater Newport Physicians; MemorialCare HealthExpress retail clinics; ambulatory surgery centers, imaging centers and numerous outpatient health centers throughout the Southland. For information, visit memorialcare.org.

SOURCE MemorialCare Health System