Innovation Institute Company Buys Fullerton Building
by Vita Reed Monday, July 4, 2016
Realty Firm Aims to Grow St. Jude, Own Portfolio
A portfolio company of the La Palma-based Innovation Institute is making real estate moves.
Brea-based HPA Realty Inc. said late last month that it spent $7.4 million to buy a 20,800-square-foot medical office building in Fullerton next to St. Jude Medical Center.
HPA said in a news release that the 101 Laguna Road building was bought through its growth fund as “a strategic investment in the future growth and planning of the hospital.” HPA will serve as the building’s leasing and property manager and will lease the entire first floor to the St. Jude Heritage Healthcare medical group, part of Irvine-based St. Joseph Health, a founding investor in the Innovation Institute.
The real estate firm said the growth fund is capped at $1 billion and that its partners, including Innovation Institute, will grow the portfolio “as the fund welcomes additional investors, partners and real estate opportunities.”
HPA became a subsidiary of Innovation Institute in 2014.
The institute’s purpose is to develop healthcare products and services. It includes the investment fund, a medical technology incubator and a shared services group.
The institute was established in 2013 with an investment from St. Joseph Health. Its other investor-owners are Children’s Hospital of Orange County in Orange; Marriottsville, Md.-based Bon Secours Health System; Franciscan Missionaries of Our Lady Health System in Baton Rouge, La; and Avera Health, Sioux Falls, SD.
Each institution has contributed at least $10 million to become a member-owner.