Beverly Hills MOB sells for $869 PSF
HIGH-PROFILE PLASTIC SURGEONS FILL BUILDING, WHICH IS IN A ‘SKIN’-TIGHT MARKET
By John Mugford
Throughout the country, the price per square foot for medical office buildings (MOBs) has leveled off in recent quarters, even dropped a bit. That’s according to statistics from New York-based Real Capital Analytics (RCA) Inc., which supplies quarterly statistics to Healthcare Real Estate Insights™ concerning nationwide and regional MOB sales activities.
Even so, it looks as if the price per square foot (PSF) for an MOB filled with plastic surgeons in the plastic surgery capital of the world, Beverly Hills, has not suffered – not in the least.
In fact, in recent weeks the four-story, 63,276 square foot MOB at 120 Spaulding Dr. in Beverly Hills sold for about $55 million, according to several publications. That’s a PSF of $869 per foot, which works out to be about four times what the national average PSF for MOBs in the fourth quarter (Q4) of 2007. As HREI™ reported in our April issue, the 12-month average PSF for MOBs at the end of Q4 was $221, a drop of 6 percent for the 12 month average at the end of Q3.
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