Search
 

SKB Snares Medical Office Building

OAKLAND, CA- ScanlanKemperBard Companies of Portland, Ore. pays $24.5 million for Broadway-Webster Medical Plaza, a 97,656-sf, 12-story medical office tower and six-story parking garage on 2.1 acres.

By Brian K. Miller | Updated on January 10, 2006

OAKLAND, CA-ScanlanKemperBard Companies, a Portland, Ore.-based real estate merchant banking firm, has acquired the Broadway-Webster Medical Plaza here for $24.5 million. The 2.1-acre property consists of a 97,656-sf, 12-story medical office tower and a six-story parking garage.

The building has averaged 94% occupancy since 2002 but is currently 82% leased due to the recent relocation of a physicians group that wanted to own its own space. SKB projects its investment in Broadway Webster will generate a 19.47% IRR on a five-year hold.

The building houses approximately 30 office tenants. The ground-floor retail tenants are Tully’s Coffee, Bank of the West and Long’s Drugs. The average remaining lease term is about eight years. SKB plans to invest an additional $900,000 in the property for upgrades.

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.