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10/10/24
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A 20k sf, multi-tenant medical office property in Pasadena sold for $11.3 mil, or $563/sf. Located at 1038-1044 S Fair Oaks Ave, the two-story, building is occupied by Acuity Eye Group and Pasadena Advanced Surgery Institute.
The property sits on a 35.5k sf lot and features both surface and subterranean parking. Situated in the Fair Oaks medical corridor, adjacent to Huntington Memorial Hospital, it provides convenient access to the 110, 210, and 134 freeways, and is within walking distance of the Metro Gold Line. The property is in a densely populated area, with 224,638 residents living within a three-mile radius.
Rene Soto and Tom Sexton of NAI Capital Commercial’s Tenant Consulting Group represented the buyer, Foothill Cardiology Medical Group, in the transaction. John S. Archibald and Guillermo Olaiz with NAI Capital’s Investment Services Group repped the seller.
“This is a trophy office & medical-office building (MOB) asset in Pasadena,” commented Archibald. “We are seeing strong demand from medical doctors and principals looking to acquire well-positioned properties that are Huntington Hospital adjacent.”
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