HUNTINGTON BEACH, CA– Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has retained the exclusive listing for the Huntington Beach Medical Tower, (top left photo) a four-story, 58,518-square foot medical office building in Huntington Beach. The listing price of $10,875,000 represents $186 per square foot.
John Smelter, first vice president investments and a senior director of the National Office and Industrial Properties Group in the firm’s San Diego office, is representing the seller.
“In 2008, the average sales price per square foot for a California medical office building was twice that of the current per square foot asking price for the Huntington Beach Medical Tower,” comments Smelter. “Additionally, the existing rents are 18 percent to 23 percent below the market average. At a 7.95 percent cap rate, this is the best-priced medical office property on the market. With the upside in rents, as evidenced by the recent renewals, we project a 9.8 percent cap rate by year four,” adds Smelter.
The property is located at 17822 Beach Blvd. in Huntington Beach, just west of the San Diego Freeway, Interstate 405, on the campus of the Huntington Beach Hospital, a 131-bed facility with more than 500 employees and 300 physicians.
Built of reinforced concrete and brick on approximately 2.6 acres, the Huntington Beach Office Tower features well-groomed landscaping, an attractive lobby area and three elevators. There are approximately 458,397 people living within a five-mile radius of the property.
Contact: Stacey Corso, (925) 953-1716 direct, (415) 672-6460 cell, (925) 953-1710 fax, stacey.corso@marcusmillichap.com
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