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3/10/20
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Grossmont Summit, a 16.1k sf, medical office building in El Cajon, was acquired by a local medical group for $5.55 mil ($345/sf). The seller was a private investor.
Located at 1380 El Cajon Blvd, Grossmont Summit is a two-story, Class A multi-tenant office building suitable for high-end office and medical users. Originally built in 2006, the property features 79 parking spaces.
Grossmont Summit is strategically located adjacent to the I-8 Fwy, which connects within five miles to SR 125, SR 94, SR 52 and SR 67, providing access to the rest of San Diego County. The site has views of both Mt. Helix and the Cuyamaca Mountains.
CBRE’s Dan Henry and Lars Eisenhauer represented the seller in the transaction. The buyer was repped by an outside firm.
Henry noted, “There continues to be a high demand for quality medical office buildings in San Diego County. The buyer intends to occupy the ground floor for their own medical practice.”
The San Diego medical office market continues to be strong in demand. Market conditions continued to trend upward in the first quarter of 2020 with the vacancy rate finishing at 5.8%. Medical office absorption in San Diego is outpacing new construction activity. As a result of the shrinking supply, asking rents for Class A product have increased to $4.29 per-square-foot.
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