Pacific Coast Commercial Brokers Sale of La Mesa, California MOB

Pacific Coast Commercial Brokers Sale of La Mesa, California MOB

Pacific Coast Commercial has negotiated the sale of a medical office building (MOB) in La Mesa, California. Magnolia Mar Properties sold the asset to Family Health Care Centers of San Diego for $8.4 million.  According to the LevinPro HC database, this marks the 200th MOB acquisition of 2022 and the 18th announced in California year-to-date. The property features 25,916 square feet of medical office space. Current major tenants include County of San Diego and Penchecks. The price is $324 per square foot. Brian Crepeau and Ken Robak of Pacific Coast Commercial represented the seller, while Kelly Moriarty and Chris Ross of JLL represented the buyer in the deal. US Bank provided... Read More »
Cushman & Wakefield Brokers Sale of Escondido, California MOB

Cushman & Wakefield Brokers Sale of Escondido, California MOB

Cushman & Wakefield brokered the sale of a 26,945-square-foot freestanding medical and office building in Escondido, California. The property sold for $8.1 million, approximately $301 per square foot. The buyer was The Elizabeth Hospice, which for more than 40 years has been providing medical care and grief support to patients and families dealing with the challenges associated with an advanced, life-limiting illness. The Elizabeth Hospice will initially occupy 80% of the building with plans to occupy the entire building as the existing tenants vacate. A team from Cushman & Wakefield represented the seller, a private local investor, in the transaction. According to the LevinPro HC... Read More »
Cushman & Wakefield Arranged the Sale of New Jersey Medical Office Building Portfolio

Cushman & Wakefield Arranged the Sale of New Jersey Medical Office Building Portfolio

Cushman & Wakefield on November 28 announced that it arranged the sale of a medical office building portfolio in Wayne, New Jersey, that sold for $22.25 million. Cushman & Wakefield represented the seller Chopp Holdings. The buyer was undisclosed.  Oak Hill Park is a Class A medical and office park totaling 122,600 square feet across two buildings. The property is 95% leased to more than 30 tenants, with a 42% medical tenant base. Medical practices include pediatrics, foot and ankle specialists, neurology, spine orthopedics, dentistry, plastic surgery and more. The price was $181 per square foot. According to the LevinPro HC database, this acquisition marks the 193rd medical... Read More »
Pacific Coast Commercial Brokers Sale of La Mesa, California MOB

Excelsior Capital Acquires Chattanooga MOB

Nashville-based private equity firm Excelsior Capital has purchased a 17,837-square-foot medical office building (MOB) in Chattanooga, Tennessee for $7.4 million, or approximately $415 per square foot. The MOB was built in 2014 and houses the Center MedSpa on the first floor and the Center for Integrative Medicine on the second floor. The property is at 100% occupancy and the 1.2-acre site includes both on-street and off-street parking. Excelsior Capital is a real estate private equity firm based in Nashville, Tennessee. Excelsior Capital typically targets stable assets, typically in the $8 million to $20 million range, in healthy submarkets that have a strong history of occupancy. ... Read More »
Montecito Medical Acquires Lynchburg, Virginia Women’s Health MOB

Montecito Medical Acquires Lynchburg, Virginia Women’s Health MOB

Montecito Medical has completed the acquisition of a women’s health medical office building (MOB) in Lynchburg, Virginia. The property, which offers 21,657 square feet, is 100% occupied under a long-term lease by Women’s Health of Central Virginia. The acquisition continues the expansion of Montecito’s footprint in central Virginia. Dana Hamric, CEO of Hamric Capital, arranged the transaction and served as the exclusive financial advisor to the seller, Women’s Health of Central Virginia. Terms of the deal were not disclosed. Montecito Medical Real Estate specializes in healthcare-related real estate acquisitions and funding. Since 2006, it has completed transactions across the U.S.... Read More »
Montecito Medical Acquires Lynchburg, Virginia Women’s Health MOB

Big Sky Medical Acquires San Antonio, TX MOB from Mohr Capital

Cushman & Wakefield announced on November 7 that it had brokered the acquisition of a medical office building (MOB) in San Antonio, Texas by Big Sky Medical, a national real estate investment management firm. The building was purchased from Mohr Capital, which previously acquired the MOB in 2021. County records show a loan from BMO Harris Bank of about $192 million taken out by Big Sky related to the property. The deal’s terms were not disclosed. Alamo Quarry Center is a 99% leased office building in San Antonio, Texas with mainly medical tenants. The 38,370-square foot complex, located along Highway 281, was appraised this year by Bexar County at $12.3 million. Big Sky Medical... Read More »