SANTA BARBARA, Calif., Oct. 29, 2025 – Institutional Property Advisors (IPA), a division ofMarcus & Millichap (NYSE: MMI) dedicated to serving the company’s institutional clients, announced today the sale of a three-story, 21,970-square-foot medical office building, 100% triple-net-leased to the University of California Los Angeles (UCLA) in Santa Barbara, California. The property sold for $21.3 million, or $970 per square foot. The price is the highest dollar per square foot for an office building of 10,000 square feet or more in the history of Santa Barbara County.
“Located in Santa Barbara’s low vacancy medical office market, the buyer will benefit from nearly $7.5 million dollars of tenant improvements made by UCLA, which has over eight years of weighted average lease term remaining,” said Mark DeGiorgio, IPA director. DeGiorgio, Tom Lagos, and Andrew Defendis of IPA represented the seller, Greenbridge Investment Partners, led by Sean Hashem and Fareed Kanani, doing business as Greenbridge Medical Center LLC, a Delaware limited liability company. The buyer is a California-based corporation.
The building is in Downtown Santa Barbara, near Santa Barbara California County Superior Court, the Santa Barbara Museum of Art, and Alameda Park. The State Street retail corridor is within walking distance, and Alice Keck Park Memorial Garden is close by.
Built in 2007 and renovated in 2023, the building is home to UCLA Health Santa Barbara’s oncology, primary and specialty care services, including internal medicine, family medicine, and rheumatology. Amenities include ground level parking, patios throughout, and a rooftop terrace.
“Medical office demonstrates strong stability, particularly in supply-constrained coastal markets like Santa Barbara,” said Tom Lagos, executive director, IPA. “With UCLA’s long-term lease and the property’s prime downtown location, this asset attracted significant investor interest, generating nine offers, and achieved record-setting pricing.”
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About Institutional Property Advisors (IPA)
Institutional Property Advisors (IPA) is a division of Marcus & Millichap (NYSE: MMI), a leading commercial real estate services firm in North America. IPA’s combination of real estate investment and capital markets expertise, industry-leading technology, and acclaimed research offers customized solutions for the acquisition, disposition and financing of institutional properties and portfolios. For more information, please visit www.institutionalpropertyadvisors.com
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