HALF MOON BAY, Calif., April 24, 2017 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, today announced the sale of a trophy 15,335-square-foot single-tenant medical office building located in Half Moon Bay, California. The asset sold for $8.15 million, which equates to $531 per square foot.
John R. Smelter, a senior director of Marcus & Millichap’s Healthcare Real Estate Group, represented the seller, a real estate investment trust (REIT).
“This was a unique transaction due to the AAA credit-rated lease to the County of San Mateo, and the fact that the property is a single-tenant Bay Area medical office building with only 3.25 years remaining on the current lease,” noted Smelter.
The property is located at 225 Cabrillo Highway South in Half Moon Bay. The County of San Mateo operates this location as the San Mateo Coastside Clinic, which offers primary care, family planning, women’s health, OB/GYN, nutrition, mental health, behavioral health rehabilitation, STD/STI screening and therapy, a woman, infants and children program, and RotaCare services.
About Marcus & Millichap (NYSE: MMI)
With over 1,700 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed over 9,000 transactions in 2016 with a value of approximately $42.3 billion. The company has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit:www.MarcusMillichap.com