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8/18/23
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LGTC Group, an outpatient mental health center, purchased a freestanding, 17.2k sf medical office building in San Jose for $9 mil ($523/sf). The property is located at 4850 Union Avenue in the region’s West Valley community.
LGTC plans to occupy the entire building for its new clinic. The firm also operates four other regional clinics in central San Jose, Campbell, Sunnyvale and Burlingame, plus one residential facility in Willow Glen, per its web site.
4850 Union Ave is conveniently located just off Hwy 85, near the junction with Hwy 17. The property is also a few blocks from Good Samaritan Hospital. The building is elevator served and features an outdoor patio and ample parking, covered and non-covered.
Cushman & Wakefield’s Erik Hallgrimson and Clark Steele represented the seller, 4850 Union Avenue LLC, in the transaction.
“Given its population and demographics, we continue to see demand from both investors and owner/occupiers seeking small- to mid-size medical office buildings to purchase in Silicon Valley. Building acquisition opportunities below 20k sf are very difficult to find, which made 4850 Union Ave a unique and attractive option. The property also offers a quality medical environment in an easily accessible location,” noted Hallgrimson.
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