|
11/07/14
|
Swift Realty Partners purchased a 75.6k sf medical office building at 901 Campus Drive in Daly City. The property was sold by Serramonte Ridge Medical Center Enterprises. The price was not disclosed.
Serramonte Ridge Medical Center Enterprises developed the property in 1989 and have since occupied the majority of the premises. The building is one of only two Class A, off-site, purpose-built medical office buildings in Northern San Mateo County.
Swift Realty Partners has plans to significantly enhance the building through cosmetic and capital improvements. The building houses physicians from eight Bay Area hospitals and has a significant patient entrapment area extending south through the San Francisco Peninsula and as far north as the outer avenues of San Francisco.
CBRE’s Seth McKinnon, Bruce Paris and Simon Clark worked with Chris Bodnar of CBRE’s National Healthcare Capital Markets Group to complete the sale, while Michael Walker and James Korinek of CBRE’s Debt and Structured Finance team assisted with financing.
The seller allowed a longer than usual escrow period, which allowed the buyer to amend the long-term ground lease, renew three expiring leases, and execute a significant lease with Palo Alto Medical Foundation. The building was 95 percent occupied at the time of sale.
This transaction represents the second medical office building CBRE has sold, and assisted with financing, to Swift Realty Partners in 2014. In May of this year, CBRE sold The Foster City Medical Pavilion to the same buyer.
|
|
Return to the Archive page
|
|
|
|
|