Search
 

95,000-SF Medical Building Trades for $17.8 Mil

OAKLAND, CA-The buyer, Compass Grand Associates, says its purchase of the East Bay's largest privately held medical office building was motivated by the relative weakness in the general office market. Two previous prospective purchasers failed to close on the building.

By Michelle Savage | Updated on January 28, 2002

OAKLAND, CA-The East Bay’s largest privately held medical building has finally changed hands. A 52-member partnership sold the 95,000-sf Broadway Webster Medical Plaza to San Francisco-based Compass Grand Associates for $17.8 million.

The sale price translates to $186 per rentable sf and, based on 2001 income, a 9.7% capitalization rate. There were 12 offers on the property, says Vincent Schwab, the Marcus & Millichap broker who worked both sides of the deal with fellow M&M broker Scott Raymond.

Schwab told GlobeSt.com the selling partnership was a 52-member, 27-year-old group that was breaking up due to retirements and relocations. Compass Grand, he says, was impressed with the stability of the medical office market compared with the general office market in the Bay Area, which is weak right now.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.