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10/20/20
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An unnamed, high-net-worth investor has obtained $28.3 mil in financing for the purchase of two SoCal properties, one a medical office building in Tustin, and the other an industrial property in San Diego. The assets had a combined price of $43.6 mil.
10054 Old Grove Rd, San Diego |
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The 51.6k sf medical office building, located at 2742 Dow Ave in Tustin, was originally built in 1979 and is fully-leased to Orange County-based integrated healthcare system MemorialCare. The two-story, freestanding asset features a data center and is within one-half mile of the Tustin Commuter Rail. MemorialCare recently sub-let the entire space to Doctor’s Best, a nutritional supplement company, which initiated multi-million dollar improvements to the space. Their other location is the building next door.
The industrial property, located at 10054 Old Grove Rd in the Scripps Ranch neighborhood of San Diego, was originally built in 1971 and renovated in 2018. The 85.8k sf building is currently vacant, but will be fully occupied by startup online shaving company Manscaped by the end of the year. The property is within two miles of I-15, a major freeway that connects Scripps Ranch to the rest of San Diego County. RENTV reported on this sale earlier this month.
Trevor Damyan of CBRE arranged one 10-year, fixed rate acquisition loan for the two properties on behalf of the buyer, a private local investor. CBRE’s Anthony DeLorenzo, Gary Stache, Bryan Johnson, Todd Tydlaska and Doug Mack represented the seller in the office transaction.
“The motivation for the buyer was as much about the strategically positioned real estate as it was about the safe triple-net leases with quality tenants that help guarantee a steady cashflow during uncertain times,” said Damyan. “Cap rates on these types of properties continue to compress.”
Net-lease investment fell significantly in Q2 2020 but comprised the highest share of total volume on record amid a sharp decline in commercial real estate investment activity caused by the COVID-19 pandemic, according to CBRE’s latest research. On a list of top 20 markets, Greater Los Angeles and the Inland Empire ranked third and fourth, respectively, in terms of total net lease investment volumes during the quarter. Net-lease investments in Q2 fell 70% to $342 mil in Los Angeles while volumes for the year ending in Q2 were down 32.8% to $3.17 bil. In the Inland Empire, net-lease investments fell 54.5% to $336 mil in the quarter but were still up 42.3% over the past four quarters at $2.63 bil. Orange County ranked 18th on the list with an increase in volumes for the year ending in Q2 2020 of 50.4% to $1.5 bil.
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