Venture Corp. Opens MOB in San Jose
- May 12, 2017
Moorpark Professional Center, a 16-unit medical office building developed by Venture Corp., has come online. The units range from 992 to 3,185 square feet and are available for private ownership, priced from $535,894 to $1.7 million. Small Business Administration and Chase Bank provide 100 percent financing and no down payment is required. Some of the suites are leased and are being offered to private investors.
The two-story building, located at 2211 Moorpark Ave., has solar energy cells on the roof and private subterranean parking. The center features a mahogany boardroom with a large-screen TV and internet access for private consultations. The room also features temperature-controlled wine coolers and bottle slots for each suite owner’s collection.
Moorpark is near the intersection of interstates 880 and 280, directly across from Santa Clara Valley Medical Center and is minutes from numerous hospitals and medical centers. The property is close to retail amenities at Westfield Valley Fair and Santana Row malls.
The company’s portfolio of commercial condominium properties is spread throughout much of California, as well as Oregon, Washington and Nevada. “Some of our centers have been purely medical/dental buildings and they were quickly purchased by medical professionals who rarely move, wanted to avoid annual rent increases and were eager to receive the equity growth that would have gone to their landlords. That explains why medical office buildings held their values far better than other investments during the Great Recession,” said Venture President Robert Eves in prepared remarks.
San Jose has the highest medical office building occupancy in the entire nation at 97.5 percent, according to John Smelter, Marcus & Millichap’s first vice president in charge of medical office buildings, a performance unmatched by any other real estate investment group. According to a recent report by real estate research firm Revista and Healthcare Real Estate Insights magazine, the medical office development market reached $7.7 billion in 2016.
Images courtesy of Venture Corp.