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7/18/19
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A 20.2k sf, single-tenant, net-leased medical office condo in San Marcos traded hands in a recent deal worth $11.85 mil ($587/sf). The condo is leased to California Cancer Associates For Research & Excellence (cCARE), the largest full-service, private oncology and hematology practice in California.
The unit cCARE occupies encompasses the entire 3rd floor of the 57.3k sf medical office building known as Nordahl Medical Centre, located at 838 Nordahl Rd. The building was originally constructed in 2009 and is widely considered one of the highest quality medical office buildings in San Diego County. cCARE provides a variety of services at this location, including medical oncology, chemotherapy, radiation oncology, imaging, pharmacy services and clinical trials.
Mark Avilla and Travis Ives with Cushman & Wakefield represented the seller, Carlsbad-based Newport National Corporation. The team also procured the buyer directly, Global Medical REIT of Bethesda, MD.
Ives commented that “not unlike most markets around the U.S., San Diego’s medical office market has experienced years of consistent positive net absorption which has dropped vacancies and pushed rents to all-time highs. Cap rates for quality medical office investments have compressed during that same time, leading to record setting prices on a per square foot basis. The price paid on this transaction ($586 PSF) ranks among the highest ever paid for a medical office condo investment in San Diego County. That might have scared some buyers off, but Global recognized that with over $215 per square foot recently spent on tenant improvements and very little competing product in the area, it seems highly probable cCARE will remain a tenant at the project for many years to come.”
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