Excel Centre, a medical office building in San Diego, Calif., has recently been acquired by a Chicago-based real estate firm. MBRE Healthcare bought the 82,157-square-foot property from institutional investor ShopCore Properties, in a $37.1 million transaction.
According to Yardi Matrix data, the buyer paid $452 per square foot for the three-story Class B asset anchored by Kaiser Permanente, the largest managed care organization in the U.S. The new owner plans to convert the remaining vacant space on the building’s third floor to medical office use.
“As the project’s sole and majority tenant occupying the first two floors, Kaiser’s recent expansion and lease extension within the building signals their long-term commitment to the project and their patients in Rancho Bernardo. Kaiser offers a wide variety of services at this location, including primary care, OB/GYN, pediatrics, radiology and behavioral health,” stated Rick Reeder in the San Diego office of Cushman & Wakefield, the seller’s agent.
The medical facility is located on a 1.08-acre site at 17140 Bernardo Center Drive in Rancho Bernardo, roughly 20 miles northeast of downtown San Diego. The property is part of Park Terrace, a walkable mixed-use development near to Interstate 15 that includes hotels, restaurants, offices, and fitness centers.
Built in 2000, Excel Center features top-tier finishes and flexible floor plates, as well as a 4-per-1,000 square-foot parking ratio, with subterranean parking. Besides Kaiser Permanente, the building also houses D’s Coffee, a small coffee stand.