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5/26/15
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REAlliance LLC purchased a 27.2k sf medical office building in San Diego’s Kearny Mesa submarket from Daley Industrial Venture No. 5 for $4.63 mil ($170/sf). The property is located at 9737 Aero Dr, west of I-15 at Ruffin Rd.
As part of their strategy for acquiring this centrally-located property, Realliance LLC (The Super Dentists) has plans to renovate and retrofit the entire building. According to Dr. Kami Hoss, CEO of The Super Dentists and managing partner at REAlliance, this space will be utilized for their corporate office and will also include the main campus for their dental assisting school and their fifth multi-specialty dental practice.
JLL’s Chris Ross, Paul Braun and Kelly Moriarty, and Colliers International’s Richard Lebert and Matt Zimsky, represented the buyer. Brandon Keith and Randy LaChance from Voit Real Estate Services repped the seller.
“This property is a great example of a growing trend in the market – repositioning traditional office buildings as medical office to meet a growing demand from owner-users,” said Ross. “Healthcare is a top growth industry for San Diego, and healthcare providers are recognizing the advantages of owning their real estate to control against escalating lease rates that often come with a constrained and vibrant real estate market.”
According to JLL’s recently-released San Diego Medical Office Snapshot Q1 2015 report, owner-user sale activity is at an all-time high. Sole practitioners, dentists and medical groups of all sizes have entered the market seeking opportunities to acquire real estate and control long-term costs. Vacancy in this segment of the San Diego market now stands below 10 percent.
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