9:30 AM
Newmark Grubb Knight Frank (NGKF) has closed the sale of Alvarado Medical Plaza III, a 51,400-square-foot, three-story medical office building on the campus of Alvarado Hospital Medical Center and adjacent to San Diego State University. The purchase price was undisclosed.
PMB Brokers, an affiliate of Pacific Medical Buildings, negotiated the transaction for the seller, AMP III LLC. Evan A. Kovac of NGKF represented the buyer, TDA Investment Group. Mr. Kovac’s team concentrates exclusively on medical office building investment sales throughout the United States.
“Alvarado Medical Plaza III presented an opportunity to acquire a best-in-class medical office building located on a robust hospital campus within the dense boundaries of San Diego,” said Mr. Kovac. “We believe this property is poised to continue benefitting substantially from its proximity to the hospital, favorable demographics and projections of healthcare expenditures growth within this submarket.”
Alvarado Medical Plaza III, located at 6719 Alvarado Road, is anchored by an Alvarado Hospital-affiliated outpatient surgery center, which currently occupies the majority of the first floor. The balance of the occupied space in the building is leased to a variety of tenant profiles including family practice, primary care, gastroenterology, dermatology, women’s health, orthopedics, sports medicine and spinal care.
“The buyer acquired the 2.5-acre site in addition to the building improvements, which is unusual for a campus-based medical office building,” Kovac said. “You typically see this profile property on a ground lease, in which the local hospital owns the land, which allows the hospital the ability to maintain controls and use restrictions with the owner of the improvements.”
Built in 1991, the building has 224 dedicated surface parking stalls and access to additional parking on the campus. It offers excellent visibility from Interstate 8, San Diego County’s chief east-west corridor, and is close to other traffic connectors, including I-805, I-15 and I-5.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank (NGKF) is one of the world’s leading commercial real estate advisory firms. Together with its affiliates and London-based partner Knight Frank, NGKF employs more than 12,000 professionals, operating from more than 320 offices in established and emerging property markets on five continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. Its integrated services platform includes leasing advisory, global corporate services, investment sales and capital markets, consulting, program and project management, property and facilities management, and valuation services. A major force in the real estate marketplace, NGKF serves the local and global property requirements of tenants, landlords, investors and developers worldwide. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc. (NASDAQ: BGCP), a leading global brokerage company primarily servicing the wholesale financial and real estate markets. For further information, visit www.bgcpartners.com.