In recent months, a number of medical office buildings have been placed on the market in the Greater Los Angeles area. A 69,520 square foot building in Granada Hills has recently been added to this space, offering a mix of long term tenants and a large parking structure. According to the property listing from Peak Commercial and Anvers Capital Partners, the property is listed with guidance set at $15.8 million, or about $228 per square foot.
Located at 10605 Balboa Boulevard, the three-story building is known as Balboa Medical Plaza. As well as its recently renovated office spaces, the property also includes a four-story parking garage with space for up to 278 vehicles.
Public records show that the property last traded in January and is currently owned by an entity affiliated with Marine Akhyparyan.
Currently, the building is about 67 percent occupied with tenants including both Kaiser Permanente and the County of Los Angeles. Overall, tenants occupy anywhere from 1,000 square feet to 20,000 square feet within the building, according to the offering memorandum.
“The property’s distinctive architecture, excellent parking and history of attracting large healthcare tenants position it as one of the premier buildings in its submarket. Presently ±66.86 percent occupied, the offering provides the potential to create significant value through strategic repositioning and lease-up of a highly visible medical office building situated along one of the San Fernando Valley’s major arterials,” the listing states.
The property is located in the San Fernando Valley, west of Interstate 405. Within close proximity of the property are a significant number of healthcare centers and medical offices, such as the Granada Hills Care Center.The area is also home to a large population, with more than 542,540 people living within a five-mile radius. Those living within a five-mile radius of the property also maintain an average household income of $97,404 per year.
