News Release: Downey: Medical Building Trades at $11.3 Million

untitled$11.3 Million Medical Building Sold by Marcus & Millichap

DOWNEY, Calif., May 15, 2014 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of the Brookshire Medical Building, a 56,121-square-foot medical building located in the southeast Los Angeles County city of Downey.

Michael Lawrence, a senior vice president investments in Marcus & Millichap’s Newport Beach office, represented the seller, an affiliate of WRA Property Management Inc. David Black, a vice president investments in the firm’s Long Beach office, represented the buyer, PIH Health.

“The asset is a five-story, multi-tenant medical building located directly across from the former Downey Regional Medical Center, which is now PIH Health Hospital – Downey,” says Lawrence. “The property has received more than $2,000,000 in capital expenditures and tenant improvements during the past 10 years.

“With long-term tenancy, well-staggered lease expirations and 78 percent occupancy at the time of the sale, the Brookshire Medical Building provides the new owner with stable income, value-add opportunities and excellent long-term appreciation potential,” adds Black.

The building is located at11411 Brookshire Ave. in Downey, Calif. Four major interstate freeways, 710, 605, 105 and 5, are nearby, as is public transportation access.

The Brookshire Medical Building was constructed in 1970 on a two-acre-plus signalized corner parcel. Recent renovations include roof work, elevator modernization, parking lot slurry, HVAC compressors and exterior paint.

 

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