OFFERS REQUESTED BY TUESDAY, MARCH 3RD, 2015 – 5:00 PM PST
The Offering
CBRE’s U.S. Healthcare Capital Markets Group is pleased to exclusively offer for sale the fee simple interest in the Wilbur Medical Plaza (the “Property”) located in Tarzana, California. The three-story, 52,889 square foot facility was renovated in 2012-2013 and offers a variety of premier medical services in the San Fernando Valley. Located in the submarket of Encino/Tarzana, the Wilbur Medical Plaza represents a unique opportunity for an investor to own a newly renovated medical office building near the Tarzana Medical Center, a member of Providence Health, the third largest not-for-profit health system in the United States.
The building is anchored by the Avanguard Surgery Center, a first-class outpatient facility led by physicians specializing in ear, nose & throat (ENT) surgery, gastroenterology surgery, neurosurgery, OB/GYN surgery, orthopedic surgery, pain management, plastic & reconstructive surgery, podiatric surgery, urological surgery, spine surgery, and excellence in outpatient healthcare. The 19 surgeons that make up Avanguard are some of the best surgeons in their respected fields and have a lease that extends through June 2022.
The recent interior and exterior renovation includes updated common areas, elevator cabs, restrooms, and hallways; updated exterior finishes with new paint; new canopy entrance; new monument building signage; and an on-site pharmacy. The institutional quality building benefits from a strong existing tenancy with a value-add opportunity to stabilize the remaining vacant space.
Investment Highlights
•Anchored by Avanguard Surgery Center
•Located Near Tarzana Medical Center Campus
•Unique Highway-101 Visibility
•Exceptional Market Demographics
•Ventura Boulevard Amenities
•Stable Parking Garage Revenue
•Stable In-Place Tenancy
•Recently Renovated in 2012-2013
•Value-Add Leasing Opportunity
•Appealing Demographic Trends
•Delivered Free and Clear of Existing Debt
OFFERING INFORMATION
OFFERING PRICE: Best Offer
BUILDING SIZE: 52,889 SF
YEAR BUILT: 1986
YEAR RENOVATED: 2012-2013
OCCUPANCY: 82.46%
IN-PLACE NOI: $1,074,405
YEAR 1 PRO-FORMA NOI: $1,137,437
U.S. HEALTHCARE CAPITAL MARKETS GROUP
Chris Bodnar
Senior Vice President
CA Lic. 01892501
+1 303 628 1711
chris.bodnar@cbre.com
Lee Asher
Senior Vice President
+1 404 504 5965
lee.asher@cbre.com
LOCAL MEDICAL OFFICE LEASING EXPERTS
Matthew Heyn
Senior Vice President
CA Lic. 01306148
+1 818 907 4619
matt.heyn@cbre.com
Troy Pollet
First Vice President
CA Lic. 01830817
+1 818 907 4620
troy.pollet@cbre.com
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