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| Brookshire Medical Building, 11411 Brookshire Avenue, Downey, CA |
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| Michael Lawrence |
DOWNEY, CA, May 15, 2014 – 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 the Brookshire
Medical Building, a 56,121-square-foot medical building located in the
southeast Los Angeles County city of Downey.
Michael
Lawrence, a senior vice president investments in Marcus & Millichap’s
Newport Beach office, represented the seller, an affiliate of WRA Property
Management Inc. David Black, a vice president investments in the firm’s
Long Beach office, represented the buyer, PIH Health.
“The
asset is a five-story, multi-tenant medical building located directly across
from the former Downey Regional Medical Center, which is now PIH Health
Hospital – Downey,” says Lawrence. “The property has received more than
$2,000,000 in capital expenditures and tenant improvements during the past 10
years.”
“With long-term tenancy, well-staggered
lease expirations and 78 percent occupancy at the time of the sale, the
Brookshire Medical Building provides the new owner with stable income,
value-add opportunities and excellent long-term appreciation potential,” adds
Black.
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| David Black |
The
building is located at11411 Brookshire Ave. in Downey, Calif. Four major
interstate freeways, 710, 605, 105 and 5, are nearby, as is public
transportation access.
The
Brookshire Medical Building was constructed in 1970 on a two-acre-plus
signalized corner parcel. Recent renovations include roof work, elevator
modernization, parking lot slurry, HVAC compressors and exterior paint.
For a complete copy of the company’s news release, please
contact:
Gina Relva
Public Relations Manager
(925) 953-1716
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