Pollack Financial Group has sold a 44,719-square-foot building in Menlo Park, California to Morgan Stanley for $68 million. The property is fully occupied, home to Menlo Medical Clinic, a partner with Stanford Health Care.
The property, located at 321 Middlefield Road, is within a 10-minute drive from Stanford Hospital, the only Level-1 Trauma Center on the San Francisco Peninsula. Stanford Hospital offers 605 licensed beds and 101 licensed ICU beds.
321 Middlefield is in the mid-Peninsula city of Menlo Park with a medium household income of $160,000 and median property value of over $2,000,000. The South Peninsula market totals approximately 39 million square feet of office space, with Menlo Park accounting for 6.5 million square feet of that space with a 12% vacancy rate, according to Newmark Research.
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