The hospital, a block from the San Diego (405) Freeway on Sand Canyon Avenue, originally opened in 1990. Joseph Health (see story, this page), could not be reached for comment on its plans for the site, or the sale. Officials for Hoag, which last week announced plans to end its affiliation with Providence St. Hoag had an option to purchase the site until 2024, and was expected to exercise that option, according to prior comments from the REIT’s executive team. The deal for Hoag to buy the property was struck at the end of 2019, Healthpeak’s documents indicate. The sale could pave the way for additional expansion at the Irvine facility the deal includes land adjacent to the hospital, according to Healthpeak, which disclosed the impending sale as a footnote in a recent presentation to investors regarding the state of its operations amid the COVID-19 pandemic. It would be one of just a dozen land sites or individual properties-and the only healthcare-focused property-in OC to trade at that high of a price over the past decade, according to data from real estate market tracker CoStar Group Inc. Healthpeak’s market cap at press time was around $12 billion. The deal is for $226 million and is scheduled to close in about a year, according to Healthpeak, a real estate investment trust focused on medical properties. (NYSE: PEAK), according to regulatory filings. Newport Beach-based Hoag, which opened its 154-bed Hoag Hospital Irvine campus in 2010, has reached a deal to buy the Irvine property from its Irvine-based landlord, Healthpeak Properties Inc. Hoag Memorial Hospital Presbyterian plans to go from tenant to owner at its Irvine hospital, after agreeing to one of the larger property acquisitions seen in Orange County in recent years.