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12/16/15
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Healthcare Realty Trust Incorporated picked up a 100k sf medical office building in Oakland from a joint venture including ScanlanKemperBard Cos. The building, Broadway-Webster Medical Plaza, is located at 3300 Webster St.
Located within the Broadway/Valdez District Specific Plan, the city’s redevelopment plan for the Broadway corridor, Broadway-Webster Medical Plaza is adjacent to Sutter Health’s 326-bed Alta Bates Summit Medical Center and directly across I-580 from Kaiser Permanente’s new 349-bed hospital. It is also across from a 435-unit, mixed-use project with 20k sf of ground-floor retail that is expected to break ground in first-quarter 2016.
Transwestern’s Michael Cisternino represented the buyer. Transwestern’s Edward F. Del Beccaro, Sonny O’Drobinak and Kyle Snyder repped the seller in the deal, and also handle leasing for the 12-story building.
“The sale of Broadway-Webster Medical Plaza represents a growing trend of healthcare REITs and investors looking to acquire medical office buildings near existing and new hospitals,” said Del Beccaro. “With only a few Class A medical office buildings in the Pill Hill Oakland submarket, the seller recognized the need for upgraded Class A medical space with large floorplates to accommodate a variety of users. Once the building was re-tenanted, the stabilized asset drew a significant amount of investor interest, and we were able to quickly identify a buyer and execute an off-market sale.”
Within 18 months of winning the initial leasing assignment, Transwestern’s Healthcare Advisory Services group rebranded Broadway-Webster Medical Plaza and took the building’s vacancy from 30.0 percent to less than 3.0 percent, securing more than 25k sf in leases. The largest transaction during that time was a 13k sf lease to Samuel Merritt University, an affiliate of Sutter Health, for 10 years. Other tenants include Sutter Health, Hill Physicians and Quest Diagnostics Inc.
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