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June 25, 2024
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San Diego MOB Deal is Worth Over $17 Mil


A 22.5k sf, four-story medical office building in San Diego sold for $17.15 mil ($762/sf). The property, 4th & Lewis, is located at 330 Lewis St, south of I-8 and just west of the 163 Fwy.

A publicly traded, healthcare real estate investment trust purchased the asset. It was sold by Coast Income Properties in what marked the second MOB sale from Coast Income Properties to the REIT in the past two weeks.

4th & Lewis, situated in the heart of San Diego’s affluent Hillcrest submarket, includes an 89-stall subterranean parking garage. The medical office building benefits from its strategic location bordering the campus of the 482-bed Scripps Mercy Hospital and a few blocks from the 390-bed UCSD Medical Center, both in the process of extensive multibillion-dollar redevelopments.

Since completion in 1993, 4th & Lewis has been fully leased to Regents University of California – San Diego Health on an absolute triple net lease.

Evan Kovac, Andrew Milne, Trent Jemmett, Paul Braun and Kelly Moriarty with JLL represented the seller in the deal. According to Kovac, 4th & Lewis generated tremendous interest from a variety of investors, ranging from public REITs, family offices and institutional core funds.

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