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4/10/25
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A private investor purchased a two-tenant, 19.1k sf medical/retail building in Monterey as part of a 1031 exchange. The building is located at 2200 Garden Rd, just south of Hwy 1 and Monterey Pines Golf Club.
The property is 100% leased to two tenants: Veterinary hospital BluePearl, which is on a 13-year net lease, and the federal government, which has occupied the building since 2015. BluePearl has invested more than $5 mil of its own capital in state-of-the-art improvements and the build-out of its 15.2k sf space, while the government tenant funded improvements to its 3.9k sf space totaling approximately $1.2 mil.
Built in 1984 and renovated in 2015 and 2022, the site is located on a nearly three-acre lot in the heart of Monterey, with a total daytime population of 112,578 having an average annual household income of $141,005 within a five-mile radius. Features of the two-suite asset include two grade-level doors and one dock platform, along with ample onsite parking.
The firm of Levin Johnston of Marcus and Millichap, along with M&M’s Mitchell Zurich, represented the buyer in the transaction.
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