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June 20, 2024
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Nazareth Enterprises Inc Spends $16.7 Mil on Sacramento Medical Office Property


Nazareth Enterprises Inc has purchased Sacramento Heart Medical Building, a 47.5k sf, Class A medical building in Sacramento, for $16.7 mil ($352/sf). Nazareth a privately-held, diversified investment firm, was founded by Mounir Kardosh, President and CEO of the Nazareth family of companies, based in San Mateo.

The two-story building sits on 3.34 acres at 500 University Ave, in the Campus Commons area, adjacent to California State University, Sacramento.The property was originally developed in 1996, then a radiology and imaging Annex was added in 2006. In 2017, an ambulatory surgical suite was added, thereby allowing for better patient services.

According to Kardosh, the property’s tenant mix includes Sacramento Heart, UC Davis Health, and a mix of other doctors in practices with strong ties to local hospitals, curated to maximize treatment modalities for patients at the property.

Nazareth was represented by Laef Barnes of Avison Young and Abe Matar of Landmark Real Estate Services. The seller, a Sacramento-based private investor, was represented by Michael Stassi and Daniel J. Baker of JLL. Matt Hollander at BluePoint Commercial Mortgage arranged the acquisition financing, which was funded through Merchants Bank.

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