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7/20/12
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Coast Income Properties Inc has purchased the Lewis Medical property, a 22.5k sf medical office building located at 330 Lewis St, north of Washington St and west of Hwy 163 in San Diego’s Hillcrest area. The building, which is 100% occupied by UC San Diego Health System, sold for $9.7 mil ($432/sf).
330 Lewis Street is a four-story medical office building situated adjacent to Scripps Memorial Hospital. The building, purchased as a triple net leased investment property, will continue to be used for a primary care clinic as part of the UCSD Health System.
Coast Income Properties was represented by Paul Braun and Chris Ross of Colliers International in the transaction. The seller, KAMF San Diego LLC, a California limited liability company, was repped by Mel Coffman of California Commercial Properties.
“The purchase of this investment is yet another example of the market’s demand for quality medical office product that continues on a local and national level,” commented Braun.
Eastlake Professional Center |
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In other medical office space news from the San Diego region, Innovative Dialysis Systems of La Jolla LLC has inked a 64-month lease for 2.6k sf of space at Eastlake Professional Center. The property is located at 2082-A1 Otay Lakes Rd, just west of Hwy 125 in the Telegraph Canyon Estates area of Chula Vista.
This is the first completed transaction at Eastlake Professional Center since the new owner, Pathfinder Otay Holdings LLC, purchased the property last year. Phil Linton, Duncan Dodd, SIOR, and Jeff Gilbert of Cassidy Turley represented the building owner in the transaction. Michael Corbosiero of CBRE represented Innovative Dialysis Systems of La Jolla. The tenant is an affiliate of Innovative Dialysis Systems, an ASA company established in 1984 and one of the nation’s leading dialysis providers from over 60 locations.
Eastlake Professional Center is a 10-building, 67.9k sf medical and office condominium development located at the intersection of Otay Lakes Rd and State Route 125. Available for sale or lease, suites range in size from 2.6k sf to 65.3k sf and are in shell condition; ready for finishing to each owner or tenant’s unique specifications. Prices start at $139 per square foot and 90 percent financing is available.
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