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7/24/19
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Forest Surgery Center, a 19.7k sf, state-of-the-art medical office facility in San Jose, sold for $13.5 mil, or $685/sf. The purchase was part of a 1031 exchange that enabled the buyer to transition from long-term ownership in a management-intensive multifamily property in Redwood City into a stable, higher-yielding medical office property.
Forest Surgery Center is located at 2110 Forest Ave, in close proximity to Santa Clara Valley Medical Center as well as a wide variety of recreational, retail and entertainment options. The medical office is also in close proximity to I-880 and I-280, providing direct access to all major Bay Area destinations.
Adam Levin and Robert Johnston with Levin Johnston represented the buyer in the transaction. The 1031 exchange began with the $10 mil sale of a 33-unit res community.
“San Jose is widely recognized as ‘The Capital of Silicon Valley.’ As the market’s economic growth continues, the buyer will benefit from continued tenant demand,” Levin commented. “All doctors in the building signed new five- to 10-year leases at the close of escrow. Additionally, the medical office is situated in a premier location within a medical hub directly across from O’Connor Hospital, which was recently acquired by Santa Clara County.”
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