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SD Medical Office Property Sells for $37.1 Million

Renovation, Rebranding Slated for Building Anchored by Kaiser Permanente
March 6, 2018
Chicago-based MBRE Healthcare has acquired Excel Centre, a medical office complex in San Diego’s Rancho Bernardo submarket, for $37.1 million, or about $446 per square foot.

CoStar and public data indicate that MBRE acquired the property in late December in a joint venture with Florida-based Kayne Anderson Real Estate Advisors. The seller was Shopcore Properties of San Diego, an affiliate of New York-based Blackstone Group.

The 83,213-square-foot property is anchored by Kaiser Permanente and located at 17140 Bernardo Center Dr. Excel Centre was built in 1999 and is part of the larger Park Terrace mixed-use development near Interstate 15.

Brokers at Cushman & Wakefield, which represented the seller, said healthcare provider Kaiser Permanente occupies the building’s first two floors, after recently expanding its presence and extending its lease at Excel Centre. The buyer plans to convert the building’s currently-vacant third floor from general to medical office use.

New ownership has retained Cushman & Wakefield to handle future leasing at the property following the rebranding.

Cushman & Wakefield’s Rick Reeder, Brad Tecca and Travis Ives represented the seller. The buyer handled the sale in-house.

Please see CoStar COMPS #4102538 for more on this transaction.



Lou Hirsh, San Diego Market Reporter  CoStar Group   
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