North San Diego Multi-Tenant Medical Office Building Sells for $3.179 Million, CAA Announces
VISTA, CA (May 27, 2021) — A multitenant medical office building sold for $3.179 million on May 17, 2021 in Vista, CA. The 18,878-square-foot building is located at 906 Sycamore Ave. in Vista, CA. It is a two-story, Class B medical office property with abundant parking and freeway access.
The building will be delivered 45% occupied after a short-term leaseback from the seller. It will make way for a state-of-the-art medical practice occupying part of the building, with the remaining tenants providing an attractive income opportunity for the new owner.
The seller was the North San Diego Association of Realtors, who will be relocating soon to a new corporate headquarters in Carlsbad to better serve its members. CAA Principals Mike Conger and Brian Jenkins represented the seller. Bob Cowan of Cushman & Wakefield represented the buyer, BB Sycamore Group, LLC.
CAA has represented multiple buyers and sellers in all product types this year all over the county, demonstrating the firm’s ability to maximize values regardless of product type, location, or situation.
“Through our professional marketing campaign and hard work, we were able to identify a qualified, medical user to make great use of the space, despite a lot of doubt about the future of commercial space,” said Conger. “The seller will be able to reposition their organization into a more productive and convenient location for its members while remaining flexible for any future changes in the market.”
About Commercial Asset Advisors
Commercial Asset Advisors is a San Diego-based commercial real estate brokerage that specializes in serving the unique needs of individual private clients, as well as family offices, corporate, institutional, nonprofit and national organizations. As a full-service CRE firm, our team has assisted property owners from Central San Diego, North County, East County, South County and beyond to maximize the value of their investments including office, retail, industrial, apartment and multi—family, mixed-use projects, ground-up development tenant representation and much more. With experience earned through exceptional hard work, CAA has successfully completed over 1,400 sale and lease transactions totaling over $500 million in consideration. CAA provides unmatched customer service and strategic advice in all areas, asset types, and transaction structures.