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December 15, 2018
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Rancho Bernardo MOB Sells for $37 Mil in End of Year Sale


Chicago-based MBRE Healthcare has purchased Excel Centre, an 83.2k sf medical office building in San Diego, for $37.1 mil ($445/sf), in a deal that closed at the end of 2017. The building, anchored by Kaiser Permanente, was sold by an institutional investor.

The property is located at 17140 Bernardo Center Dr in Rancho Bernardo, an upscale master-planned community along I-15, approximately 20 miles northeast of downtown San Diego. Excel Centre is part of the larger Park Terrace, a walkable mixed-use development featuring offices, hotels, restaurants and fitness in addition to immediate accessibility and visibility from Interstate 15. An abundance of retail and services are also closely proximate.

Excel Centre provides stunning architectural designs with top-tier finishes and flexible floor plates, as well as a 4 per 1,000 sf parking ratio with subterranean parking, a key differentiator from other medical office buildings in the area and a highly attractive feature for physicians. Nearby hospitals include Palomar Medical Center in Poway (formally known as Pomerado Hospital), the newly completed Kaiser Permanente San Diego Medical Center, and Palomar Medical Center in Escondido.

The seller was represented by Rick Reeder, Brad Tecca and Travis Ives of Cushman & Wakefield’s San Diego office. Cushman & Wakefield has also been retained for the leasing assignment on Excel Centre and plans will soon be announced for the rebranding of the project.

According to Reeder, the buyer will look to take full advantage of the significant value-add component in converting the remaining third floor balance of the building, currently vacant, to medical office use, as existing property zoning permits 100% medical use.

“The Class A asset comprises a highly desirable and rare investment profile that includes stable cash flow backed by financial strength. As the project’s sole and majority tenant occupying the first two floors, Kaiser’s recent expansion and lease extension within the building signals their long-term commitment to the project and their patients in Rancho Bernardo. Kaiser offers a wide variety of services at this location including primary care, OB/GYN, pediatrics, radiology and behavioral health.”

Ives added, “The 1-15 Corridor is San Diego County’s smallest medical office submarket, and maintains limited inventory and supply and no new speculative construction. Signifying the demand and need for medical space in the region, San Diego County has absorbed nearly 1.3 million sf of medical office space since 2011.”

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