CBRE recently negotiated the sale of 1300 Avenida Vista Hermosa, a 27,535-sq.-ft.-medical office building in San Clemente, California, at $436 per sq. ft., or a 6.93% capitalization rate. A Southern California-based high-net individual purchased the property.
Gary Stache, Anthony DeLorenzo, Sammy Cemo, Bryan Johnson and Nick Williams of CBRE’s Investment Properties represented a private seller in the transaction.
“The sale of this property was a unique opportunity to acquire a Class A medical office building in one of the safest real estate markets in the country,” said Mr. Stache, vice chairman at CBRE.
The two-story building, built in 2002, is situated on 1.66 acres on the southwest corner of Avenida Vista Hermosa and Avenida Pico. The building is 92% occupied, with seven medical tenants, including Children’s Hospital of Orange County and Camino Health Center.
“The asset drew strong demand from investors, having received multiple strong offers within the first week of marketing. The buyer closed within 45 days of being awarded the property,” added Mr. Johnson, director at CBRE.
According to CBRE Research, the San Clemente medical office market totals 20 buildings combined for 265,000-sq.-ft., with no new medical office development planned and a vacancy of around 7%. In the second quarter of this year, the medical office space in San Clemente experienced more than 26,000 sq. ft. of positive absorption, the highest number since 2002.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2022 revenue). The company has approximately 115,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services.
