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August 21, 2018
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Physicians Medical Center in Daly City Sells for $30 Mil

7/23/18

Pinnacle Capital Management Services (PCMS), in a joint venture with Harrison Street Real Estate Capital LLC, has purchased Physicians Medical Center, a 70.7k sf, purpose-built medical office building immediately south of San Francisco in Daly City, for $30 mil. The deal was funded with $25 mil in acquisition financing.

Physicians Medical Center is located at 901 Campus Dr, just 15 minutes from the Financial District and San Francisco International Airport and one mile from two local hospitals -- the 357-bed Seton Medical Center and the 120-bed South San Francisco Medical Center. The property is situated on 2.48 acres within one of the strongest medical office markets in the country with excellent highway accessibility via Interstate 280 and State Routes 35 and 1.

The asset was sold by Swift Real Estate Partners, who improved the building’s interior and exterior during their ownership. Interior upgrades included a full lobby renovation, mechanical and elevator upgrades and interior signage replacement. Exterior improvements included envelope, lighting and landscape upgrades as well as an asset signage package. In addition to the building’s upgrades, Swift stabilized the asset with longer term leases, including two anchor tenants.

The population within a three-mile radius of the building is more than 172,000 residents earning an average household income of $111,356. The three-story building is 92% leased – the majority to two nationally recognized anchor tenants, Palo Alto Medical Foundation – Sutter Health and Campus Surgery Center – AmSurg/Envision Healthcare.

HFF’s Evan Kovac, Andrew Milne and David Dokko represented the seller in the deal. HFF’s Zack Holderman, John Chun and Trent Jemmett secured the non-recourse, floating-rate acquisition loan through one of its relationship lenders.




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