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Bay Medical Plaza

450 4th Avenue
Chula Vista, CA 91911
Availability: Close of Escrow:12/23/2013 Size:36,091 SF
Shipping: Bay Medical Plaza is a 36,000 Square Foot Medical Class-B Office Building located on the Scripps Mercy Hospital’s Chula Vista campus in the heart of Chula Vista, CA
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Description

Marcus & Millichap sold the Bay Medical Plaza, a 36,000 Square Foot Medical Office Building located in the heart of Chula Vista, CA. This 4-Story, Class-B Medical Office Building is located on the Scripps Mercy Hospital’s Chula Vista campus, which is one of the largest in the state of California. Built in 1985 and renovated in 1999, the Bay Medical Plaza is home to a variety of tenants serving the medical community including the SDSU Research Foundation, private practices and laboratory research & development.

Bay Medical Plaza represents a rare opportunity to for an investor to obtain prime on-campus medical office real estate in San Diego County at a hospital that sees hundreds of thousands of visits a year. The property creates an exceptionally stable investment with staggered lease expirations and the largest tenant, San Diego State University Research Foundation, which comprises approximately 35% of the rentable building area, is the largest auxiliary within the California State University (CSU) system backed by over $160 million in annual revenues. 53% of tenants are in Triple Net leases at an effective rate of $1.82/SF/Month. With the Modified Gross tenants leasing at an effective Triple Net rate of $1.72, there is significant room for upside to convert these tenants to the Triple Net rate.

Scripps Mercy Hospital Chula Vista is a 183-bed, acute-care facility serving San Diego’s South Bay community, with more than 1,100 employees. Services performed at Scripps include emergency, intensive care, neonatal intensive care, OB/GYN, oncology, surgery, neurology, rehabilitation, digital cardiac cath lab, interventional radiology and laboratory. Together with Scripps San Diego, they comprise the largest hospital in San Diego County and one of the largest in California. Scripps Mercy is also one of San Diego County’s longest established hospitals, providing more than 120 years of service.

Features

  • 36,091 Square Foot, Class-B Medical Office Building
  • On the Campus of the AA- Credit Rated Scripps Mercy Chula Vista Hospital
  • Building is 100% Leased with Over 50% NNN Leases In-Place
  • Over 50% of RBA leased by Credit Tenants SDSU Research Foundation (A+) and Scipps Health (AA-)
  • Parking Ratio of 4.85 / 1,000 SF
  • Upside in Rents if FS and MG Leases are Converted to NNN

Details

  • 22932157
  • Office
  • Close of Escrow:12/23/2013 Size:36,091 SF
  • New

Shipping Information

  • Item Requires Shipping
  • Bay Medical Plaza is a 36,000 Square Foot Medical Class-B Office Building located on the Scripps Mercy Hospital’s Chula Vista campus in the heart of Chula Vista, CA

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