Saturday, May 14, 2011
NAPA, CA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has sold the Trancas Medical Center (top left photo), two three-story lender-owned medical office buildings totaling approximately 62,466 square feet in Napa. The sales price of $11.2 million represents $179 per square foot.
John Smelter (middle right photo), senior director of Marcus & Millichap’s Healthcare Real Estate Group (HREG) in San Diego, represented the buyer, Seavest Healthcare Properties of New York.
“This was a unique opportunity to acquire a Class B property on the campus of a very strong hospital system,” says Smelter. “The new owner plans to renovate the property, which will allow for higher occupancies in the future.
“Seavest partnered with San Francisco-based SKS Investments for the local expertise to oversee property management, leasing and renovation of the property,” adds Smelter.
Located at 1100 Trancas St., the property was approximately 80 percent occupied at closing and is located immediately adjacent to the Queen of the Valley Medical Center, a 192-bed full-service diagnostic and therapeutic medical facility. Queen of the Valley, part of the Moody’s A-rated St. Joseph Health System, is a major tenant in the project.
Constructed in 1980, the Trancas Medical Center is situated on approximately three acres. The exteriors are wood and stucco with aluminum-framed doors and windows.
The property includes 246 surface and tuck-under parking spaces for a parking ratio of 3.94 spaces per 1,000 square feet. Trancas Medical Center is currently leased to a well-balanced mix of tenants including the hospital, primary care and specialist services medical tenants.
John Smelter is a leading member of the firm’s HREG, and has closed in excess of $1 billion in medical office building sales.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716