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2/09/16
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In a recent investment buy just outside of downtown Los Angeles, Stockdale Capital Partners purchased a 140k sf, Class A medical office property located at 2100 W. 3rd st, at Alvarado St. The seller was a joint venture between Watt Investment Partners and Rockpoint Group. Although a price was not given out, local pros we talked to estimate the property traded for over $50 mil.
Built in two phases in 1991 and 2007, the property contains medical office, laboratory and general office space situated on a secure, 1.96-acre site that features a park-like setting with lush landscaping and a central water feature. The property is comprised of a five-story wing that contains 111.2k sf, and a three-story wing that contains 28.8k sf.
Regarded as one of the highest quality medical office buildings in the downtown LA area, 2100 W. 3rd Street features prominent tenancy including UCLA, Children’s Hospital Los Angeles, ViraCor-IBT Laboratories, and the House Ear Clinic. The property features modern, sweeping curvilinear construction with abundant glass and window lines, high ceilings with rare 14-15’ slab-to-slab floor heights, balconies, and sweeping views of the downtown Los Angeles skyline.
Bob Safai, Matt Case and Brad Schlaak of Madison Partners represented the seller in the widely-marketed offering, which garnered very strong interest from a broad range of prospective buyers. The price was not disclosed.
“Hospital-adjacent medical office buildings with value-add potential are rare throughout Southern California,” said Safai, adding “that factor, coupled with the building quality and the high percentage of existing lab space in the asset, created a large amount of investor activity for this offering.”
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