$4M Sale Indicates Hot Medical Office Market
San Diego-based 2100 Fifth Avenue LLC has paid $4M for an 11k SF medical office building at 5776 Ruffin Rd in San Diego. JLL Healthcare Practice Group experts say this acquisition was the result of a convenient location and the region's strong market fundamentals in healthcare real estate. The location is minutes from most of the city’s major freeways, providing access to surrounding San Diego County communities.
“With 7.8% countywide vacancy and steady rent growth, investors continue to be attracted to well-located medical office buildings in the San Diego area,” says JLL VP Chris Ross. “Healthcare providers are actively looking for ways to improve accessibility to patients, ensuring continued demand for centrally located healthcare facilities.
Ross, who along with JLL managing director in the SD office Paul Braun, repped the buyer, noted medical office sales in San Diego County exceeded $167M in 2015, up from $133M the previous year, and on par with record volumes posted in 2012 and 2013. Seller AMEN Ruffin Road LLC was repped by Cresa San Diego managing principal Don Mitchell and Ryan Mitchell.