NAI Capital Completes $17.2M Medical Office Investment Sale in Corona, CA
Irvine, CA – February 12, 2019 – Senior Vice Presidents John Bosko and Bob Bush with NAI Capital’s Irvine office completed the investment sale of Corona Main Medical Plaza, a 41,803 square foot, 100% leased, medical office building in Corona, California. John and Bob represented the sellers, RSS Moscoso, LLC and Circle City Medical Properties, LLC. The buyer was Global Medical REIT (NYSE: GMRE). The building sold for $17.2M, or $411 per square foot, at a 6.65% cap rate.
Corona Main Medical Plaza is located at 2250 S Main Street in the heart of Corona’s medical office corridor. Built in 2009, it is class A medical office building within a well-designed garden-style environment on 2.68 acres of land with ample 5.02/1,000 SF parking. Corona Regional Medical Center is ideally situated less than one mile from a 238-bed hospital network, and has good access to the 91, 15 and 215 freeways. Additionally, the property is surrounded by a variety of retail establishments and residential communities, taking advantage of an emerging trend in healthcare as patients favor convenience and easy access to their care centers.
At the time of the sale the building was 100% occupied. Tenants include eight established medical, lab and imaging practices under a master lease held by Citrus Valley Medical Associates.
John said, “Our client took advantage of strong market conditions to sell a solid asset. The sale is indicative of the high demand of medical office space in the Inland Empire where the population is continuing to grow.”
“The seller also traded their equity in operating units of GMRE in an UPREIT in lieu of doing a traditional 1031 exchange, which provided our client an attractive tax deferred exit strategy.” Bob added.
About NAI Capital
NAI Capital is the largest independently owned full service commercial real estate firm headquartered in Southern California. As one of the largest members of NAI Global, the premier managed commercial real estate service network with 400 Offices and 7,000 market leaders spanning the globe, NAI Capital provides a complete range of transaction, valuation, investment, property management and consulting services. By leveraging our local expertise with our global reach, NAI Capital offers innovative, customized solutions and seamless service to owners, tenants, investors and developers throughout Southern California. NAI Capital clients have built their businesses on the power of our expanding network. We are a dynamic growing commercial real estate company. At NAI Capital we work together putting our clients first.
NAI Capital Brokerage CA BRE #01990696.
To learn more, visit www.naicapital.com.
About NAI Global
NAI Global is a leading global commercial real estate brokerage firm. NAI Global offices are leaders in their local markets and work in unison to provide clients with exceptional solutions to their commercial real estate needs. NAI Global has more than 400 offices strategically located throughout North America, Latin America, Europe, Africa and Asia Pacific, with over 7,000 local market professionals, managing in excess of 425 million square feet of property. Annually, NAI Global completes in excess of $20 billion in commercial real estate transactions throughout the world.
NAI Global provides a complete range of corporate and institutional real estate services, including brokerage and leasing, property and facilities management, real estate investment and capital market services, due diligence, global supply chain and logistics consulting and related advisory services.
To learn more, visit www.naiglobal.com.
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