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1/06/22
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ShareMD acquired Tri-City Medical Arts Building, a two-story, 33.9k sf medical/office property in Vista, for $8.3 mil ($245/sf). The property was sold for the first time in its 40-year history by the original owners, a partnership of local investors.
Located at 161 Thunder Dr, the property is adjacent to the Tri-City Medical Center, a 320-bed general acute care hospital serving northern San Diego County. The property was originally constructed in 1980 but underwent recent interior and exterior renovations in 2018.
Situated on nearly three acres, the property boasts a robust 6.5/1000 parking ratio. Each of the suites have exterior entrances from the parking lot on the ground floor and from second floor via an exterior walkway around the entire building. Suites also offer access through the common lobby and hallway.
Travis Ives, Gino Lollio and Mark Avilla of Cushman & Wakefield represented the seller in the deal. C&W’s Joe Zurek and Nehal Wadhwa, who specialize in medical office leasing throughout San Diego County, provided local market expertise.
“Tri-City Medical Arts Building provided an attractive value-add opportunity with the ability to reposition and modernize this well-located property in oder to attract new tenants and improve net operating income in the coming years. The San Diego medical office market is also one of the strongest in the nation with less than 6% overall vacancy,” said Ives.
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