Newmark has announced it has completed the $39.2 million acquisition of a 104,000-square-foot medical office property adjacent to Mills-Peninsula Medical Center in Burlingame, CA.
Newmark Senior Managing Director Seth McKinnon, represented the buyer, Lincoln Property Company, in this off-market transaction.
“1720 El Camino Real represents one of only a few medical office opportunities that are located adjacent to Mills-Peninsula Medical Center, a modern 450,000-square-foot hospital. Moreover, the property’s value-add profile and excellent physician mix made it highly sought-after,” said McKinnon. “The buyer intends to modernize the improvements and provide a more welcoming environment for both physicians and patients.”
He added, “This asset is located in a primary medical node for the area which is anticipating continued long-term growth.”
Located at 1720 El Camino Real, the property is situated on 3.72 acres and consists of three interconnected buildings as well as an attached five-level parking structure. The property is 88 percent occupied by a number of medical users, many of them affiliated with the adjacent hospital. The property is located one mile from Highway 101 and 0.5 miles from Millbrae BART and Caltrain stations.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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