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For Sale: West Valley Medical Square Tarzana, CA

West Valley Medical Square OM 2016-02-29 DRAFT.inddThe Offering

CBRE’s LA Investment Properties Group and U.S. Healthcare Capital Markets Group are pleased to exclusively offer for sale the fee simple interest in West Valley Medical Square, a Class A property anchored by Walgreens, including two medical office buildings and a freestanding Yogurtland store. The project offers a true value-add opportunity as well as surety of income from the 75 year Walgreens lease and a freestanding, high performing Yogurtland store. West Valley Medical Center is located close to Providence Tarzana Medical Center, which is one of the premier medical centers in the northern Los Angeles area.

Investment Highlights

  • Asking Price: Unpriced
  • Ability to grow medical office building 8,584 sf per BOMA
  • Walgreens anchored medical project
  • Yogurtland in percentage rent with strong performance
  • Near multiple hospitals
  • Large space can be made available for merging medical practices
  • High visibility at major San Fernando Valley intersection of Tampa Ave and Victory Blvd
  • 75 year Walgreens lease anchoring medical project
  • Excellent upside with medical office building 19% below anticipated market rent
  • Free of existing debt allows access to attractive current debt opportunities
  • Ability to separately parcel the retail from the medical
  • Offering Price: Unpriced
Building Size Medical Office 63,464 SF
Per BOMA 72,048 SF
Walgreens 13,000 SF
Yogurtland 1,200 SF
Total Per Leases 77,664 SF
Total Per BOMA 86,248 SF
Year Built/Renovated Medical Office 1968/2009
Walgreens 2009
Yogurtland 2010
Occupancy 76%
Year 1 NOI Medical Office $495,264
Walgreens $591,115
Yogurtland $81,046
Total $1,169,375
Pro Forma 2019 NOI: Medical Office $965,435
Walgreens $591,301
Yogurtland $82,394
Total $1,641,080

Executive Summary

Confidentiality Agreement

Contact Information

Investment Properties

Mark Perry
Lic. 00783875
+1 818 907 4643
mark.perry@cbre.com

Carlene O’Neil
Lic. 01099744
+1 818 907 4725
carlene.oneil@cbre.com

Net Lease Property Group

Sterling Champ
Lic. 01325158
+1 818 502 6769
sterling.champ@cbre.com

U.S. Healthcare Capital Markets Group

Chris Bodnar  
Lic. 01892501
+1 303 628 1711
chris.bodnar@cbre.com

Lee Asher
+1 404 504 5965
lee.asher@cbre.com

 

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