San Diego MOB Trades at Near Record Price

Global Medical REIT has acquired a medical condo building in San Diego from Newport National Corp. for $11.85 million or $586 per square foot, which is one of the highest prices paid for a medical office building in the San Diego market.

Located in San Marcos, California, the condo is a 20,230-square-foot, single-tenant, net-leased medical office condo. It is located within the Nordahl Medical Centre, a 57,333-square-foot building. California Cancer Associates For Research & Excellence leases the third floor.

Cushman & Wakefield’s Mark Avilla, of the firm’s San Diego private capital group and Travis Ives, co-leader of the firm’s U.S. healthcare capital markets team, represented the seller in the deal.