A Healthy Market for Healthcare Development

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Hoag Memorial Hospital Presbyterian has expansion in mind, at the site of its Irvine campus.

Newport Beach-based Hoag, which opened its 154-bed Hoag Hospital Irvine campus in 2010, has a deal in place to buy the Irvine property from its Irvine-based landlord, Healthpeak Properties Inc.

The deal is for $226 million and is scheduled to close in about a year, according to regulatory filings. It’ll be one of the larger property acquisitions seen in Orange County in recent years, once complete.

The deal is not just about the existing property; the purchase price also includes land adjacent to the hospital, according to Healthpeak.

The sale is expected to pave the way for additional expansion at the Irvine facility, although details have yet to be confirmed by Hoag, which is seeking to end its affiliation with a larger healthcare group, Renton, Wash.-based Providence.

Visit the Orange County Business Journal to view the original article.