OFFERS REQUESTED BY TUESDAY, JANUARY 10, 2023 – 5:00PM PDT
CALL FOR OFFERS
JAN. 10
TROPHY MEDICAL OFFICE INVESTMENT OPPORTUNITY IN DOWNTOWN
3rd St Medical Center
2100 WEST 3RD STREET | LOS ANGELES, CA
AltaMed | Childrens Hospital Los Angeles | Providence
CBRE
3rd Street Medical Center
2100 West 3rd Street
Los Angeles, CA
OFFERING PRICE Best Price
TOTAL SIZE 147,078 RSF
YEAR BUILT 1990 (Phase l) 2007 (Phase Il)
% LEASED 99%
IN-PLACE NOI $5,113,622
WALT 5.1 years
THE OFFERING
CBRE U.S. Healthcare & Life Sciences Capital Markets is pleased to exclusively offer the opportunity to acquire 3rd Street Medical Center (the “Property”), located in Los Angeles, California. The Property totals ±147,078 rentable square feet and is a five-story, Class A multi-tenant medical office building centrally located in downtown Los Angeles. Regarded as one of the highest quality medical office buildings in the submarket, 3rd Street Medical Center features prominent tenancy including Children’s Hospital Los Angeles, Providence Health & Services, and AltaMed Health Services Corporation. The Property features modern, sweeping curvilinear construction with abundant glass and window lines, high ceilings with rare 14-15’ slab-to-slab floor heights, balconies, and sweeping views of the downtown Los Angeles skyline.
The Property is strategically located within a medical corridor near downtown Los Angeles that also includes 15 acute care hospitals representing over 5,200 patient beds within an eight-mile radius. 3rd Street Medical Center features tenants who were unaffected by the closure of the adjacent hospital but will benefit from the eventual redevelopment of the hospital. Tenants like Altamed, who have continued to grow in the building over the last 5 years, have strategically chosen this location as its main hub for its proximity to a historically under-served popular.
Currently 99% occupied to a synergistic tenant roster, the leases are ideally structured on a triple net basis with weighted average contractual annual escalations of 2.72%.
INVESTMENT HIGHLIGHTS
99% Leased with 5.1 Years of Average Remaining Lease Term Dominant Regional & National Tenants, Including 83% Health System Credit Central Los Angeles Location within a Medical Corridor Favorable NNN Leases with 2.72% Annual Escalations Strong Medical Submarket Largest Laboratory Space Concentration in Submarket
CBRE U.S. Healthcare & Life Sciences
CAPITAL MARKETS
Lee Asher
+1 404 504 5965
lee.asher@cbre.com
Jordan Selbiger
+1 404 923 1259
jordan.selbiger@cbre.com
Trent Jemmett
+1 858 646 4740
trent.jemmett@cbre.com
CA Lic. 01982473
Cole Reethof
+1 404 504 7864
cole.reethof@cbre.com
DEBT & STRUCTURED FINANCE
Zack Holderman
+1 858 337 9412
zack.holderman@cbre.com
CA Lic. 01434957
CBRE Southern California Institutional Properties
Todd Tydlaska
+1 310 363 4902
todd.tydlaska@cbre.com
CA Lic. 00329711
Sean Sullivan
+1 310 363 4910
sean.sullivan@cbre.com
CA Lic. 01199428
CBRE Southern California Healthcare Services
Angie Weber
+1 818 502 6750
angie.weber@cbre.com
CA Lic. 0105031
Dana Nialis
+1 818 502 6774
dana.nialis@cbre.com
CA Lic. 01947265
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