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LPC West, the West Coast arm of Lincoln Property Co., and partner Angelo Gordon have purchased a Class-A medical office building in Burlingame.
The partners plan a multimillion-dollar renovation of the more than 100K SF, three-story building at 1720 El Camino Real that will include renovations to the lobby, courtyards and common corridors, upgrades to the exterior and new signage.
A draw for the buyers was the building's location. It is near BART, Caltrain, Highway 101 and the San Francisco International Airport and is next to the $640M, 450K SF Sutter Health Mills-Peninsula Hospital that was built in 2011.
“With a strong mix of institutional and medical users, adjacency to a world-class hospital, and accessibility from BART, Caltrain, and both the 101 and 280 Freeways, 1720 El Camino Real is poised for continued success,” LPC West Executive Vice President Brandon Wang said in a statement. “We are looking forward to implementing sizable improvements that will transform the property into a leading, Class A medical office building.”
Medical office buildings that are near public transportation are in increasing demand as an aging population needs easy access to medical appointments.
The property is 85% leased to healthcare tenants that include Lucile Packard Children's Hospital (Stanford Children's Health), Sutter Health, DaVita Dialysis Clinic and Mid-Peninsula Endoscopy Center.
The building is also near restaurants and retail and recently constructed housing, with hundreds of new units awaiting city approval.
Newmark Knight Frank's Seth McKinnon represented LPC West and Angelo Gordon.
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