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November 12, 2019
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SOUTHERN CALIFORNIA NEWS
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Pasadena Medical Office Property Trades in $11.75 Mil Deal

9/25/19

A 21.2k sf building on 1.25 acres in Pasadena was acquired by a doctor/owner for $11.75 mil ($554/sf). The asset located at 66 Hurlbut St, in the heart of the city’s “HeArt” District, was sold by Markwood, a developer who acquired the property for $7 mil roughly five years earlier.

The site currently contains a three-story, concrete medical office building along with covered with surface parking. Markwood purchased the building as a stable income generating asset, with sizable development potential.

Located in the heart of the surging Pasadena medical market, 66 Hurlbut is flanked by Huntington Memorial Hospital and the newly built Shriners for Children Medical Center to the north and the Art Center College of Design to the south. The building’s current tenant, Pacific Clinics, has occupied the property for over 25 years on a lease expiring in June 2023.

Evan Lewitt and Will Poulsen with JLL represented Markwood in the transaction. Nicholas Borrelli of Coldwell Banker Commercial repped the buyer, who plans to hold the building long-term.

According to data from CoStar Group, the vacancy rate for medical office buildings in Pasadena’s medical corridor is 5.1%, outperforming the overall market. Medical office rents have grown nearly 25% in the corridor since 2013. An influx of medical office properties, including the expansion of Huntington Hospital, has cemented the area as a medical hub, but there is room in the area for continued growth and progress.

“This was an incredibly unique sale because of the many potential uses for the site, which is currently a medical office, but zoned for multifamily,” said Lewitt. “This, in addition to the property’s desirable Pasadena location, attracted medical office investors, multifamily and senior housing developers, and creative office users. The large buyer pool that our marketing efforts captured created a competitive bid and helped us achieve full asking price for our client.”

Additional key developments nearby include a four-story 121.3k sf medical building that will soon break ground at 550 E. Colorado Blvd, the 80k sf Kaiser Permanente School of Medicine and the 82k sf life sciences campus being built by Alexandria Real Estate Equities. Also, California Institute of Technology recently commenced construction of the $200 mil Chen Neuroscience Research Building near Del Mar Blvd and Wilson Ave.





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