March 11, 2021 2:00 PM
Newmark announces it has arranged the sale of a freestanding, 8,409-square-foot medical office building situated on an oversized 1.14-acre site in Carson, California for $5,125,000, approximately $609 per square foot.
Executive Managing Directors Sean Fulp, Managing Directors Mark Schuessler and Ryan Plummer of Newmark’s Private Capital Group, in partnership with Executive Managing Director Garth Hogan represented the seller, a private family office. The buyer was represented by Newmark’s Managing Director David Ghermezian and Associate Director Jonathan Dadourian.
The property, located at 21501 Avalon Boulevard, is currently 100 percent leased to Providence Health & Services, that operates the site as an urgent care clinic with a portion dedicated to primary care. The property is situated adjacent to the 405 freeway and benefits from its proximity to UCLA-Harbor Medical Center.
“Freestanding medical office buildings are rare in the South Bay. A long-term lease from a credit tenant like Providence made this deal extremely attractive for a private investor looking for secure cash flow. The investment also functions as a covered land play, given the oversized parcel and surrounding development,” said Schuessler.
The city of Carson is in the midst of a development boom with nearly 1,000 residential units currently under construction or approved and more than 4,500 additional units proposed.
“We have seen a large uptick in interest over the past twelve months from private capital buyers looking for well-located medical assets with strong tenants,” said Fulp.
According to Newmark Research, medical office assets have outperformed most other commercial property types through the pandemic. The pandemic has highlighted the necessity of a robust medical industry in communities throughout the country.
Newmark Group, Inc. (Nasdaq: NMRK), together with its subsidiaries (“Newmark”), is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology, and industry expertise, we bring ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2020, Newmark generated revenues in excess of $1.9 billion. To learn more, visit nmrk.com or follow @newmark.
Discussion of Forward-Looking Statements about Newmark
Statements in this document regarding Newmark that are not historical facts are “forward-looking statements” that involve risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements. These include statements about the effects of the COVID-19 pandemic on the Company’s business, results, financial position, liquidity and outlook, which may constitute forward-looking statements and are subject to the risk that the actual impact may differ, possibly materially, from what is currently expected. Except as required by law, Newmark undertakes no obligation to update any forward-looking statements. For a discussion of additional risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see Newmark’s Securities and Exchange Commission filings, including, but not limited to, the risk factors and Special Note on Forward-Looking Information set forth in these filings and any updates to such risk factors and Special Note on Forward-Looking Information contained in subsequent reports on Form 10-K, Form 10-Q or Form 8-K.