For Immediate Release
Single-tenant NNN property in Vista fully leased to UCSD Health
SAN DIEGO, Calif., – January 18, 2022 – Cushman & Wakefield announced the firm has advised the sale of a single-tenant, triple Net (NNN) leased medical office building in Vista (San Diego), California. The asset consists of a two-story 20,282-square-foot building located at 910 Sycamore Avenue that is fully leased to UCSD Health.
IRA Capital, one of the most active investors within the medical office building (MOB) sector combined with an entrenched knowledge in the healthcare sector, acquired the property from MGNC Properties, a local private ownership, for $11.25 million.
Peter Curry, Mark Avilla and Bob Cowan with Cushman & Wakefield represented the seller in the transaction. Prior to sale, the firm had also recently helped to negotiate a long-term lease renewal to UCSD Health in the building.
“This was a highly attractive medical investment opportunity with a strong, long-term local tenant offering a central North County location situated next to several residential communities in need of medical services,” said Mark Avilla, Senior Director. “Healthcare real estate in San Diego remains a highly sought-after asset class.”
Built in 1990, the building is situated within a 4-building medical campus and features ample parking. The property provides easy access to State Route 78, between the Interstate-5 and Interstate-15 Corridors, and is also proximate to several major hospital campuses.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and 60 countries. In 2020, the firm had revenue of $7.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
Media Contact:
Joshua Deale
Cushman & Wakefield
Communications Manager, West Region
+1 415 677 0423
joshua.deale@cushwake.com
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