Investment Highlights:
- On the Campus of the 536-Bed Sharp Grossmont Hospital
- Sharp Grossmont is the Largest Not-For-Profit, Full-Service Acute Care Hospital in the Region
- Value-Add Opportunity – 72% Current Occupancy
- Strategically Located in Close Proximity to the I-8 Freeway & Highway 125
- The Other 2 On-Campus MOBs Average 97% Occupancy
Property: 8851 Center Drive, La Mesa, CA 91942
Investment Overview
- Price: Unpriced
- Occupancy: 72%
- Rentable SF: 70,222 SF
- Year Built: 1986
Marcus & Millichap is pleased to present the Grossmont Medical Arts Building. The Grossmont Medical Arts Building is a 70,222-square foot, multi-tenant medical office property located in San Diego County at 8851 Center Drive in La Mesa, California.
The Grossmont Medical Arts Building offers an attractive value-add investment opportunity at 72% current occupancy. Based on the projected sale price, the property yields a 26.29% 3 year leveraged IRR and the pro forma cap rate at 95% occupancy is 8.58%. The other two on-campus MOBs average 97% occupancy.
The building is strategically located on the campus of the 536-bed Sharp Grossmont Hospital. The hospital is the largest not-for-profit, full-service, acute-care hospital in the region. This asset also benefits from its ideal location in close proximity to the I-8 Freeway & Highway 125. The Grossmont Medical Arts Building offers an investor the opportunity to own a value-add and well positioned medical office building in the thriving San Diego medical market.
Presented By:
John Smelter
Senior Director, Healthcare Real Estate Group
Tel: (858) 373-3233
Email: john.smelter@marcusmillichap.com
License: CA 00859006
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