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10/29/15
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Stockdale Capital has acquired a 54.2k sf, Class A medical office property in Santa Monica in a recent transaction valued at $38.5 mil ($710/sf). The asset, located at 2825 Santa Monica Blvd, was sold by a partnership made up of Lincoln Property Company, Linwood Ventures and Artemis Real Estate Partners.
The building is situated on .6 acres at the intersection of Santa Monica Blvd and Yale St, in the center of Santa Monica’s highly sought-after 1.5 msf medical office market. The building includes two levels of subterranean parking and an open courtyard.
The property is centrally located among other world-class medical facilities, including Providence Saint John’s Health Center, UCLA Medical Center-Santa Monica, Ronald Reagan UCLA Medical Center, and the VA West Los Angeles Healthcare Center. In addition to being home to best-in-class health-care amenities, the area boasts medical leaders at the top of their field.
Tenants include UCLA Jonsson Comprehensive Cancer Center / Translational Oncology Research Laboratories (TORL), UCLA Health Santa Monica Pediatrics, Tao of Wellness and a number of other private medical and dental practices. During its ownership, Lincoln and Linwood made improvements that include new ADA-compliant restrooms, energy-efficient lighting upgrades and exterior painting.
Occupancy at the property hit 100% earlier this year through the expansion and renewal of UCLA’s Cancer Center. Jim Bailey and Luke Palmo with Coldwell Banker Commercial WESTMAC represented UCLA in that lease.
Bob Safai, Matt Case, and Brad Schlaak of Madison Partners brokered the transaction.
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