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May 21, 2018
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San Diego Medical Office Building Near SDSU Sells


TDA Investment Group has purchased Alvarado Medical Plaza III, a 51.4k sf, three-story medical office building on the campus of Alvarado Hospital Medical Center and adjacent to San Diego State University. The purchase price was undisclosed.

Alvarado Medical Plaza III, located at 6719 Alvarado Rd, is anchored by an Alvarado Hospital-affiliated outpatient surgery center, which currently occupies the majority of the first floor. The balance of the occupied space in the building is leased to a variety of tenant profiles including family practice, primary care, gastroenterology, dermatology, women’s health, orthopedics, sports medicine and spinal care.

Built in 1991, the building has 224 dedicated surface parking stalls and access to additional parking on the campus. It offers excellent visibility from Interstate 8, San Diego County’s chief east-west corridor, and is close to other traffic connectors, including I-805, I-15 and I-5.

PMB Brokers, an affiliate of Pacific Medical Buildings, negotiated the transaction for the seller, AMP III LLC. Evan A. Kovac of NGKF represented the buyer in the deal. Kovac’s team concentrates exclusively on medical office building investment sales throughout the United States.

“Alvarado Medical Plaza III presented an opportunity to acquire a best-in-class medical office building located on a robust hospital campus within the dense boundaries of San Diego,” said Kovac. “We believe this property is poised to continue benefitting substantially from its proximity to the hospital, favorable demographics and projections of healthcare expenditures growth within this submarket.”

“The buyer acquired the 2.5-acre site in addition to the building improvements, which is unusual for a campus-based medical office building,” Kovac said. “You typically see this profile property on a ground lease, in which the local hospital owns the land, which allows the hospital the ability to maintain controls and use restrictions with the owner of the improvements.”

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