SAN DIEGO, CA – HFF announces that it has closed the sale of Palomar Health Outpatient Center Phase I, a medical office building totaling approximately 75,000 square feet in North County San Diego, California.
HFF marketed the property on behalf of the seller, Encinitas-based real estate developer JRMC Real Estate Inc., and procured the buyer, Harrison Street Real Estate Capital, LLC.
The property is a three-story, build-to-suit, Class A building that is 100 percent leased to Palomar Heath, which plans to offer high-acuity services such as radiation, oncology, express care/outpatient clinical services and a Palomar-Rady Children’s Hospital venture at the facility. Phase I was delivered in April 2018. The Palomar Health Outpatient Center Phase I is located on the 56-acre, award-winning Palomar Medical Center Escondido campus, a 288-bed hospital with the only Trauma Center within a 20-mile radius. Additionally, the building is positioned at the intersection of Interstate 15 and State Route 78, two major thoroughfares in San Diego County.
Mark Burkemper, Managing Director and Head of Healthcare Real Estate for Harrison Street, stated that “we are excited to be a real estate partner for Palomar Health, northern San Diego County’s health care district. This on-campus, outpatient medical office building complements our existing portfolio of Class A outpatient facilities associated with leading health systems across the country. The building is an asset to the community and its residents and will serve as an extension for clinical services at Palomar Medical Center Escondido, Palomar Heath’s brand-new state-of-the-art hospital and level II trauma center”.
The HFF investment advisory team representing the seller was led by managing director Evan Kovac, director Andrew Milne, and senior associate Trent Jemmett, who are members of HFF’s national medical office capital markets team. The debt advisory team included senior managing director Tim Wright and senior director Zack Holderman, who is also a member of the national medical office capital markets team.
Holliday GP Corp. (“HFF”) is a real estate broker licensed with the California Department of Real Estate, License Number 01385740.
About Harrison Street
Harrison Street is one of the leading real estate investment management firms exclusively focused on the Education, Healthcare and Storage sectors. The firm has created a series of differentiated investment strategies across multiple risk/return platforms. Headquartered in Chicago, the firm employs a 140-person team with approximately $18.0 billion in assets under management. For more information, please visit https://www.harrisonst.com.
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.
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