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December 3, 2023
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Morgan Stanley Buys Bay Area Medical Office Building for Over $64 Mil


Morgan Stanley acquired a 106k sf, medical office building in Burlingame for $64.4 mil ($607.50/sf). The building, located at 1720 El Camino Real, was sold by Angelo Gordon & Company.

The property sits immediately adjacent to the 241-bed, acute care Sutter Health Mills-Peninsula Medical Center, a hospital that serves 3.6 million people in the region, accounting for approximately 20% of the population over the age of 65. 1720 El Camino is anchored by investment-grade tenants Sutter Health, Stanford Health Care, and DaVita.

The property features recently renovated common areas, extensive medical buildouts that include a 10.3k sf endoscopy center in the Sutter Health space, and a five-story, 396-stall parking garage providing direct access into the building from each floor. The building’s immediate proximity to the hospital allows for higher outpatient reimbursements and provides existing and future tenants the ability to benefit from complimentary practices to create a strong referral network. Additionally, the building is in proximity to BART and Caltrain stations and 101 and 280 Freeways.

Steven Golubchik, Seth McKinnon, Ben Appel and Darren Hollak with Newmark represented the seller in the deal.

The San Francisco Northern Peninsula Medical ("Northern Peninsula") market is broadly defined as Daly City to the north and the city of San Mateo to the south. The total market consists of 23 buildings, totaling over 1 msf, and is historically known for its consistently low vacancy rates and under-supplied quality medical office buildings, according to Newmark Research. The current average Class A asking rate for the Northern Peninsula market is approximately $4.12 per-square-foot, while the competitive set has an average asking rate of $5.23 due to the above standard quality of the product, location and patient experience.

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