NGKF Capital Markets represented Los Angeles-based Dylan Investment Properties in the acquisition of St. George Medical Center, a multi-tenant medical office building situated adjacent to Mercy San Juan Medical Center, a 370-bed acute care hospital in Carmichael, Calif. The 52,677-square-foot, four-story building located at 6620 Coyle Avenue was purchased from SA Challenger, Inc. for an undisclosed sum.
The property underwent a major multi-million dollar renovation in 2007 and is occupied by a variety of specialists and provider groups, including Mercy San Juan Medical Center, a Dignity Health System member.
“St. George Medical Center is an exceptional medical office building, given the quality of the asset, premiere existing tenant base and strategic location. The recent $125 million dollar expansion of Mercy San Juan Medical Center has added to the desirability of the property,” said Evan Kovac, managing director of NGKF Capital Markets, who executed the purchase in under 30 days.
“The healthcare real estate market is extremely robust, particularly for medical office buildings located on or near strong hospital campuses with excellent tenants, making St. George Medical Center an attractive asset to a wide range of buyers from across the country. Dylan Investment Properties performed flawlessly from start to finish in a highly competitive process,” said Mr. Kovac. “Our team has completed several similar medical office transactions in the past year.”
St. George Medical Center currently has 17,000 square feet available and is listed exclusively by Kim Collins and Sue Nelson of Cornish & Carey Commercial Newmark Knight Frank.
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