Bay Medical Plaza Trades Hands

CHULA VISTA-A Chula Vista medical office facility has traded hands in a deal valued at $7.6 million. Buyer Smiser Family Properties has acquired the asset, known as Bay Medical Plaza, from Chula Vista Medical LLC. Located at 450 Fourth Ave., Bay Medical Plaza was constructed in 1985. It recently underwent renovations, so the facility is now “in as good of shape as it has been since it was built,” says Steve Rowland of Grubb & Ellis/BRE Commercial. Rowland and his Grubb & Ellis/BRE Commercial colleague Dave Odmark acted on behalf of both parties in the recent transaction. According to Rowland, the improvements included new roofs, a new exterior, and new mechanical systems. Encompassing a total of 36,119 sf, the four-story asset was 98% leased at the time of sale. It is currently occupied by 17 tenants, which have varying lengths remaining on their leases, according to Rowland. Major occupants include Children’s Hospital, Scripps Memorial Hospital and Synergy Clinical Research.The buyer has acquired the property for investment purposes, according to Rowland, who tells GlobeSt.com that it “was the upleg to a 1031 exchange.” He notes that the seller felt it was a good time to exit the asset, now that the firm had rehabbed and fully leased the property.