Investcorp Acquires Medical Complex
- Jun 28, 2011
June 28, 2011
By Allison Landa, News Editor
Investcorp Real Estate has expanded its Bay Area holdings via the acquisition of Broadway-Webster Medical Plaza, a 98,600-square-foot medical office complex in Oakland, Calif.
The facility houses offices of various medical and dental specialists and was sold by affiliates of ScanlanKemperBard. ScanlanKemperBard will retain an ownership interest as well. Located in the East Bay submarket known as Pill Hill, the medical plaza has close access to Sutter Alta Bates Summit Medical Center and Kaiser Permanente Hospital.
The total value of the sale was $30 million. As part of the transaction, the new venture will put into action a year-long plan to upgrade the facility, including seismic retrofitting, fire-life safety improvements and exterior façade improvements.
According to Investcorp principal Brian Kelley, Broadway-Webster is a major addition to the firm’s slate of recent acquisitions which include not only medical offices but hospitality, office and retail properties.