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Capital & Counties Adds Medical Office for $20M

DANVILLE, CA-The U.S. investment and development arm of one of the largest property companies in the United Kingdom acquires the a 75,000-sf medical office campus here that is 97% leased.

By Brian K. Miller | Updated on September 29, 2004

DANVILLE, CA-The 74,599-sf Danville-San Ramon Medical Center has changed hands for about $20 Million. The new owner is Capital & Counties USA, Inc., the U.S. investment and development arm of Liberty International PLC, one of the largest property companies in the United Kingdom. The seller was Danville-San Ramon Medical Centers.The development is located at 901-919 San Ramon Valley Blvd. in Danville, an affluent suburb in the San Francisco East Bay Area. The property comprises 10 two-story office buildings that are connected by walkways. Construction was completed in three phases between 1982 and 1986. The complex has about 50 tenants and was 97% leased at closing.Marcus & Millichap, the brokerage firm that had the disposition assignment says the property generated 26 offers within 30 days, and the aggressive bidding produced an all-cash sales price that was above the list price of $19.9 million. The brokers, Vincent Schwab and Yan Khamish, say the property’s location, condition and strong historical tenancy is what attracted investors. “In general, investors covet high-quality medical office properties because of their safety,” adds Khamish. “There is typically very little tenant turnover.”

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