Santa Monica Medical Office Building Acquired as Market Soars
- Oct 30, 2015
Stockdale Capital recently purchased a medical office asset in one of the highest-rated markets in SoCal. The company paid the owner, a joint venture between Lincoln Property Company and Linwood Ventures and Artemis Real Estate Partners, a total of $38.5 million for the Santa Monica office asset. The transaction was handled by Madison Partners representatives Bob Safai, Matt Case and Brad Schlaak.
Located at 2825 Santa Monica Blvd., the property offers 54,246 square feet of space. The three-story Class A medical office building occupies a 0.6-acre plot of land in a submarket that has an inventory of 1.5 million square feet of medical office space. Underground parking is available over two levels at the facility.
Saint John’s Health Center, UCLA Medical Center-Santa Monica, Ronald Reagan UCLA Medical Center, and the VA West Los Angeles Healthcare Center, as well as best-in-class health-care amenities are found in the area, making Santa Monica a high-end growth market.
The property’s current tenant roster consists of UCLA Jonsson Comprehensive Cancer Center/Translational Oncology Research Laboratories, UCLA Health Santa Monica Pediatrics, Tao of Wellness and other medical and dental practice. Currently fully leased, the property secured the renewal of its leasing agreement with UCLA’s Cancer Center just this year. That lease was completed by Coldwell Banker Commercial WESTMAC.
Image courtesy of Google Streetview