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Cushman & Wakefield Advises on sale of US $11.25 Million San Diego Health Center

Cushman & Wakefield has represented MGNC during the sale of the single-tenant, triple Net (NNN) leased Sycamore Health Center in North San Diego, California to IRA Capital for US $11.25 Million.The two-story medical office building occupies 20,282 sf, and is located at 910 Sycamore Avenue . It is fully leased to UCSD Health.

IRA Capital, one of the most active investors within the medical office building (MOB) sector, acquired the property from privately held, local owner, MGNC Properties.

Senior Cushman & Wakefield director, Mark Avilla, represented the seller supported by colleagues, Peter Curry and Bob
Cowan with Cushman. Prior to sale, the firm had also recently helped to negotiate a long-term lease renewal to UCSD Health in the building.

Describing the property as a “highly attractive medical investment opportunity”, Avilla points to its central North County location adjacent to several residential communities that are in need of medical services. He also describes healthcare real estate in San Diego is a “highly sought-after” asset class.

The property also offers easy access to State Route 78, between the Interstate-5 and Interstate-15 Corridors, and is proximate to several major hospital campuses.

Built in 1990, Sycamore Health Center is situated on a 4-building medical campus which features ample parking.

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Staff Reporter covers the latest news, trends and opinion from the facilities management (FM) and corporate real estate (CRE) sectors. The FM market is currently estimated to be worth USD 1 trillion annually and is projected to grow at a compounded annualised rate of approximately 5% between now and 2026.

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