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2/27/15
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Alta Medical Center, a 24.2k sf medical office property in Upland, was purchased in a $5.5 mil ($227/sf) deal. The building, located at 1113 Alta Ave, was bought by Elat Properties.
Built in 1989, Alta Medical Center is currently 93 percent leased to 15 primary care physicians with nearly 66 percent of the building’s occupancy having five or more years of term remaining.
The building is centrally located on 1.61 acres in Upland’s major commercial corridor known as Foothill Blvd, in close proximity to San Antonio Community hospital. It has direct access to the 10 and 210 Freeways and the Ontario International Airport is six miles away.
CBRE’s Senior Vice President Bryan Lewitt, First Vice President John Oien, and Vice President Chris Isola represented the buyer and the seller, Alta Investment Properties LLC.
“We predict that healthcare real estate lease rates will continue to increase over the next few years,” says Lewitt. “With 34 percent of the remaining leases expiring within two to three years, this medical center has a potential upside to increase rents to market level in 2016 and 2017.”
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