With the Santa Monica/West Los Angeles medical office market vacancy rate at 4% and with rents rising dramatically, Kennedy says, "This was an opportunity we couldn't pass up." National Healthcare, along with its partners Fidelity Real Estate of Boston and Income Property Specialists of Boulder, acquired the 2825 Santa Monica property from Amcyte Inc., a biomedical firm with its headquarters in the building.
John McCulloch, president of National Healthcare Properties, comments that the deal offers "excellent upside in value and income" for NHP and its investors. "Our immediate plan is to finish leasing the vacant space and concurrently invest capital to upgrade the property," McCulloch says.
The 2825 Santa Monica Blvd. property is a three-story building that includes subterranean parking at the ratio of three vehicles per 1,000 sf of building space. The property is blocks from St John's Medical Center, UCLA Medical Center and the Veterans Administration Medical Center.
National Healthcare was represented in the acquisition by Trevor Belden of the Sherman Oaks office of Lee & Associates. The listing broker representing the seller was Wendy Hull.
NHP specializes in the acquisition, management and disposition of medical office other medical income-producing properties. The company focuses on properties with strong credit tenants and undervalued properties that can be turned around for substantial profit.
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