Property adjacent to Tri-City Medical Center; first time sold in over 40-year history
Vista CA— Cushman & Wakefield announced the firm has advised the sale of the Tri-City Medical Arts Building, a two-story, 33,914-square-foot medical/office property located 161 Thunder Drive in Vista (San Diego), California. The property is adjacent to the Tri-City Medical Center, a 320-bed general acute care hospital serving northern San Diego County.
ShareMD acquired the medical office building from a partnership of local investors for $8.3 million. The property was originally constructed in 1980 but underwent recent interior and exterior renovations in 2018.
Travis Ives and Gino Lollio of Cushman & Wakefield’s Healthcare Capital Markets Team collaborated with Mark Avilla of Cushman & Wakefield’s Private Capital Group in San Diego to represent the seller in the transaction. The firm’s Joe Zurek and Nehal Wadhwa, who specialize in medical office leasing throughout San Diego County, provided local market expertise.
“Tri-City Medical Arts Building provided an attractive value-add opportunity with the ability to reposition and modernize this well-located property in oder to attract new tenants and improve net operating income in the coming years. The San Diego medical office market is also one of the strongest in the nation with less than 6% overall vacancy,” said Ives.
“This was a the first time the Tri-City Medical Arts Building had ever been marketed for sale in its more than 40-year history—the seller was the original owner. The collaboration of Cushman & Wakefield’s Private Capital Group and Healthcare Capital Markets Team was the right mix to maximize value for the seller,” said Avilla.
Situated on nearly 3 acres, the property boasts a robust 6.5/1000 parking ratio. Each of the suites have exterior entrances from the parking lot on the ground floor and from second floor via an exterior walkway around the entire building. Suites also offer access through the common lobby and hallway.
This is not the first assignment the two teams have partnered up on. In May of 2019, Avilla and Ives collaborated on the sale of a 20,000-sf medical condo leased to an oncology provider in neighboring San Marcos where they also currently have another 28,000-sf. medical office building listed for sale together.