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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Newmark Executive Vice Chairman and President, Western Region Capital Markets Steven Golubchik, Vice Chairman Edmund Najera, Senior Managing Directors Jonathan Schaefler and Jesse Millman and Director Darren Hollak facilitated the transaction.
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