A medical office building in Pasadena has traded hands at a 4.2% cap rate, one of the lowest cap rates for medical office in the market. A private buyer purchased the 21,220-quare-foot building for $11.75 million.
The two-story building is strategically located near the Huntington Hospital. Current rents are below market, and the investor plans to negotiate a new long-term lease with the tenant upon expiration of the lease.
Nicholas Borrelli, a real estate broker affiliated with Coldwell Banker Commercial, represented the buyer in the deal.
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Kelsi Maree Borland
