Virtus JV Sells San Diego MOB for $37M
- Jan 15, 2021
A joint venture of Virtus Real Estate Capital and Coast Income Properties has sold Torrey Hills Medical Plaza, a 47,600-square-foot medical office building in San Diego. A publicly traded real estate investment trust purchased the Class A asset for $37.4 million and JLL Capital Markets negotiated on behalf of the seller. The property last traded in 2017 for $28.5 million.
Torrey Hills Medical Plaza occupies a 2.6-acre site at 4765 Carmel Mountain Road within the Torrey Hills shopping center. Completed in 2005, the property includes a two-story building and an attached two-level parking garage. Fresenius Medical Care anchors the facility, which was 91 percent leased at the time of sale, according to JLL.
The property is roughly 17 miles north of downtown San Diego in the Carmel Valley submarket, 1 mile east of Interstate 5. UCSD’s Jacobs Medical Center and Scripps Memorial Hospital are both some 5 miles south.
JLL Managing Directors Andrew Milne and Evan Kovac, together with Vice President Trent Jemmett, collaborated with Managing Director Paul Braun and Vice President Kelly Moriarty of the firm’s San Diego office in representing the seller. Milne and Kovac were also part of the brokerage team arranging the disposition of a 20,880-square-foot medical office building in Lubbock, Texas.