Medical Office Building in Southern California Sold for $14.13 Million
TARZANA, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has brokered the sale of Wilbur Medical Plaza (top left photo), a 53,125-square foot multi-tenant specialty medical building in Tarzana. The sales price of $14,130,500 represents $266 per square foot. Evan Kovac and Nic Lyon, both healthcare real estate investment specialists in the firm’s San Diego office, represented the seller, Atlantic Pearl Investments Inc., based in Los Angeles (West Hollywood). The buyer was Encino, Calif.-based Ethan Christopher LLC in a joint venture with a well- known institutional medical office building investor.
“Wilbur Medical Plaza was privately marketed to a select group of medical office REITs, pension funds, private equity and institutional medical office investors, both locally and nationally,” says Kovac. “Ethan Christopher LLC was selected from among several offers from highly qualified bidders.”
“Wilbur Medical Plaza is the premier medical office building in Tarzana’s historically tight medical office submarket,” adds Ethan Christopher’s principal, Mark Hamermesh. “Marcus & Millichap handled this transaction with expertise and professionalism.”
“We are very pleased to have successfully executed an important transaction in the medical office marketplace,” notes Lyon. “It has been our pleasure to work with such a professional and reputable group as Atlantic Pearl Investments throughout this transaction and also with Ethan Christopher, who we believe will continue to operate Wilbur as the premier building in the marketplace.”
Wilbur Medical Plaza is located on a 30,218-square foot corner parcel at 5620 Wilbur Ave. in Tarzana, less than one mile from the Providence Tarzana Medical Center, a 245-bed acute-care facility. The property is easily accessible from U.S. Highway 101 and Ventura Boulevard.
Built in 1986, the three-story Wilbur Medical Plaza features four levels of subterranean parking, prominent signage and a sleek exterior surrounded by lush landscaping. The building’s tenants are physicians, an on-site surgery center, an imaging center, a pharmacy and other medical related businesses.
Connecticut Shopping Center Trades for $13.7 Million
The sales price of $13.7 million represents $81 per square foot and a 7.31 percent cap rate.
Adam Mancinone and Blake Barbarisi of Marcus & Millichap’s New Haven office, and Robert Horvath and Todd Tremblay in the firm’s Boston office, represented the seller and developer, a partnership of New York-based investors. Mancinone, Barbarisi, Horvath and Tremblay also represented the buyer, a Connecticut-based private investor.
“The Derby Shopping Center benefits from its dominant location along New Haven Avenue, Connecticut Route 34,” says Mancinone. “The sales price and cap rate in this transaction can be attributed to property’s exceptional location, tenant strength and high percentage of long-term triple-net leases.”
The property is located at a signalized intersection at 500 New Haven Ave. in Derby, with excellent visibility from two directions.
Redeveloped in 2008, Derby Shopping Center is comprised of five single-tenant buildings on 16.8 acres of land. Tenants include Lowe’s Home Improvement Center, a freestanding Dunkin Donuts, Burger King, Webster Bank and Dollar Tree.
The 152,890-square foot Lowe’s opened for business in December 2008 and has a 20-year absolute triple-net ground lease with eight five-year options. Each option period has a 10 percent escalation.
Derby is located in southwest Connecticut approximately one hour’s drive from New York City and two hours from Boston.
Contact: Stacey Corso, Public Relations Manager, (925) 953-1716
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