Walnut Creek Medical Office Building Sells for $23.2MM

Marcus & Millichap, Walnut Creek, Caddis Healthcare Real Estate, Danville, 2625 Shadelands Drive

(EDITOR’S NOTE: According to public documents filed with the county, the property sold for $23,195,000, or roughly $387 per square foot. The sale closed on November 13, 2020. The buyer was an entity associated with Dallas-based Caddis Healthcare Real Estate, and the property was sold by an entity associated with Thomas and William Murphy of Danville, CA.)

WALNUT CREEK, Calif., Nov. 19,2020 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of 2625 Shadelands Drive, a 60,000-square-foot medical office building in Walnut Creek, California. The buyer was a joint venture between Dallas-based Caddis and Invesco Real Estate.

“The property is the buyer’s first healthcare asset purchase in California,” said Ryan Gonzales, senior associate in Marcus & Millichap’s San Diego office and member of the firm’s Healthcare Real Estate Division. “With this acquisition, new ownership establishes its footprint in the state, bringing an excellent track record and reputation for promoting health and wellness.” Gonzales arranged the sale on behalf of the seller, BMP Shadelands LLC, and the buyer, Caddis Healthcare Real Estate. “Caddis is one of the most prominent owners and operators of medical office buildings and assets in the country,” added Gonzales. “The purchase is part of their overall strategy of focusing on long-term ownership and capitalizing on the many opportunities available in the strong medical office market.

”Situated within the 246-acre Shadelands Property and Business Improvement District, the building is occupied by Stanford Health, John Muir Health and Muir Ortho, which is one of the largest orthopedic groups in Northern California. 

About Marcus & Millichap (NYSE: MMI)

With over 2,000 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 9,726 transactions in 2019 with a value of approximately $50 billion. Marcus & Millichap 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.

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