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12/21/18
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Lincoln Property Company paid $39.2 mil for a 104k sf ($377/sf), medical office property adjacent in Burlingame. The property is situated on 3.72 acres at 1720 El Camino Real, adjacent to Mills-Peninsula Medical Center.
The property consists of three interconnected buildings as well as an attached five-level parking structure. It is 88% occupied by a number of medical users, many of them affiliated with the adjacent hospital. The property is located one mile from Highway 101 and 0.5 miles from Millbrae BART and Caltrain stations.
NKF Senior Managing Director Seth McKinnon, represented Lincoln Property Company in the off-market transaction.
“1720 El Camino Real represents one of only a few medical office opportunities that are located adjacent to Mills-Peninsula Medical Center, a modern 450k sf hospital. Moreover, the property’s value-add profile and excellent physician mix made it highly sought-after,” said McKinnon. “The buyer intends to modernize the improvements and provide a more welcoming environment for both physicians and patients.”
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