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10/06/23
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A SoCal-based investor paid $12 mil for a 27.5k sf ($436/sf) medical office building in San Clemente. The deal closed at a 6.93% cap rate.
The two-story building, built in 2002, is situated on 1.66 acres at 1300 Avenida Vista Hermosa, on the southwest corner with Avenida Pico. The building is 92% occupied, with seven medical tenants, including Children's Hospital of Orange County and Camino Health Center.
Gary Stache, Anthony DeLorenzo, Sammy Cemo, Bryan Johnson and Nick Williams of CBRE's Investment Properties represented the seller, a private investor, in the transaction.
“The asset drew strong demand from investors, having received multiple strong offers within the first week of marketing. The buyer closed within 45 days of being awarded the property,” noted Johnson.
According to CBRE Research, the San Clemente medical office market totals 20 buildings combined for 265k sf, with no new medical office development planned and a vacancy of around 7%. In the second quarter of this year, the medical office space in San Clemente experienced more than 26k sf of positive absorption, the highest number since 2002.
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