Medical office buildings in San Diego continue to draw interest from investors, and more of these assets continue to be added to the market. One property to recently be placed on the market is the Lomas Santa Fe Medical Center in Solana Beach. According to a property listing from Cushman & Wakefield, the 31,390 square foot building is offered at $19.4 million, or about $618 per square foot.
The property is located at 530 Lomas Santa Fe Dr. and consists of two buildings on 2.23 acres. Built in 1996, public records show that the property last traded hands in 2016 and is currently owned by an entity affiliated with George Krikorian of Torrance.
Lomas Santa Fe Medical Center is nearly 75 percent occupied by a mix of professional office, medical and dental tenants, according to the listing. In total, the building is home to 14 tenants, with 7,940 square feet of space remaining.
The property is situated near Interstate 5 and also maintains a short distance to both the Solana Beach Coaster & AmTrak Station. The property is also in walking distance to the Cedros Design District, which offers numerous restaurant and retail amenities.
Throughout the San Diego region, the medical office market remains strong with an overall vacancy rate of six percent, unchanged quarter-over-quarter, according to a fourth quarter medical office report from Cushman & Wakefield. During the fourth quarter, approximately 82,249 square feet of medical office space was absorbed. At the same time, average rental rates rose 5.2 percent quarter-over-quarter to $3.66 per square foot.