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6/22/15
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Congress Management Associates paid $10.75 mil for a 17.6k sf ($610/sf) medical office building in Pasadena, in an off-market transaction. Local physician investors in the buying entity plan to occupy a portion of the building in the future.
Built in 1984, the property is located at 39 Congress St, near the major cross streets of W. California Blvd and S. Fair Oaks Ave. The building is situated next to the 625-bed Huntington Memorial Hospital.
Avison Young Principal Michael Dettling, who is based in the firm’s North Los Angeles office and specializes in healthcare property, represented the buyer in the deal. The seller, 39 Congress Partnership, was represented by Carver Associates. The asset was 95% occupied at the close of escrow.
“The relatively high price of $610 per square foot was paid because the building met several of the buyer’s criteria: hospital adjacency, fee-simple land, upside on the current rents, and the ability to occupy the 95%-leased building due to the expansion capability of adding approximately 8k sf to the existing structure,” noted Dettling.
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