For Immediate Release
Los Angeles, CA, July 3, 2019 – NAI Capital announced today it has been retained on an exclusive basis to represent the sale of Sixteenth Street Plaza, a two building multi-tenant professional/medical office park totaling 23,995 square feet and 1.95 acres of land located at 44404 & 44444 16th Street West in Lancaster, CA. At a sale price of $4,600,000 ($191.71 PSF), the investment represents a year one cap rate of 7.66%.
44404 16th Street West includes 12 tenants, ranging in size from 852 to 3,031 square feet.
Sixteenth Street Plaza is located directly across the street from Antelope Valley Hospital, a top performing full service, 420 bed, not-for-profit acute care, medical and surgical hospital with 650 physicians and 218,00 patients each year. It is the only Trauma Center within 50 miles. This investment opportunity is a hedge against inflation with CPI and/or fixed increases and staggered lease expirations along with a particularly attractive opportunity to acquire best in-class real estate in the heart of the medical district in Lancaster. Sixteenth Street Plaza offers stable and increasing future cash flows at a significant discount to replacement cost.
Senior Vice President Cheryl Pestor and Vice President Tristan Greenleaf with Capital’s Investment Services Group represent the Seller.
“This is a rare opportunity to acquire a highly visible medical / professional office building with a great synergistic tenant mix.” NAI Capital’s Cheryl Pestor said. “The need for medical office space continues to gain strength and maturity as the population grows in the Antelope Valley which makes it an ideal investment. As demand continues to grow, property values are expected to continue to increase in the immediate market area.”
About NAI Capital
NAI Capital is the largest independently owned full service commercial real estate firm headquartered in Southern California. As one of the largest members of NAI Global, the premier managed commercial real estate service network with 400 Offices and 7,000 market leaders spanning the globe, NAI Capital provides a complete range of transaction, valuation, investment, property management and consulting services. By leveraging our local expertise with our global reach, NAI Capital offers innovative, customized solutions and seamless service to owners, tenants, investors and developers throughout Southern California. NAI Capital clients have built their businesses on the power of our expanding network. We are a dynamic growing commercial real estate company. At NAI Capital we work together putting our clients first.
NAI Capital Brokerage CA BRE #01990696.
To learn more, visit www.naicapital.com.
About NAI Global
NAI Global is a leading global commercial real estate brokerage firm. NAI Global offices are leaders in their local markets and work in unison to provide clients with exceptional solutions to their commercial real estate needs. NAI Global has more than 400 offices strategically located throughout North America, Latin America, Europe, Africa and Asia Pacific, with over 7,000 local market professionals, managing in excess of 425 million square feet of property. Annually, NAI Global completes in excess of $20 billion in commercial real estate transactions throughout the world.
NAI Global provides a complete range of corporate and institutional real estate services, including brokerage and leasing, property and facilities management, real estate investment and capital market services, due diligence, global supply chain and logistics consulting and related advisory services.
To learn more, visit www.naiglobal.com.
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