Stockdale buys medical building in DTLA for more than $50M

Firm continues to assemble LA medical portfolio

Feb.February 08, 2016 03:22 PM

Continuing its efforts to acquire a portfolio of L.A. medical properties, Stockdale Capital Partners bought a Downtown medical office building for more than $50 million in a deal that closed Friday, The Real Deal has learned.

Stockdale paid the seller, a joint venture between Watt Investment Partners and Rockpoint Group, more than $357 a square foot for the fully-occupied 140,000-square-foot Class A medical office building at 2100 West Third Street, sources said.

The per-square-foot price it paid for was slightly higher than area averages, according to CoStar Group. But the markup is unsurprising when you factor in the tenants: UCLA, Children’s Hospital Los Angeles, ViraCor-IBT Laboratories, and the House Ear Clinic among them.

Bob Safai, Matt Case and Brad Schlaak of Madison Partners represented the sellers in the sale.

“Hospital-adjacent medical office buildings with value-add potential are rare throughout Southern California,” said Safai, citing a large amount of interest in the property from investors.

In November, Stockdale, which is an arm of Westwood real estate firm Triyar Cos. Inc., acquired a Santa Monica medical building at 2825 Santa Monica Boulevard for $38.5 million. There were murmurs in the industry that the firm was looking for other medical buildings in L.A. County to assemble into a portfolio. There now seems to be some basis for those rumors.


Related Articles

Equity Residential CEO Mark Parrell and a rendering of the 4th and Hill tower

Equity Residential’s long-stalled DTLA residential tower project is back

Terreno Realty Chairman & CEO W. Blake Baird

Terreno Realty makes another industrial play in LA

Los Angeles City Planning Commission President Samantha Millman and a rendering of the Flower Market project (credit: Brooks + Scarpa and Twitter)

Development bloom: SoCal Flower Market mixed-use project in DTLA clears hurdle

Downtown Los Angeles (credit: Jeff Cleary and Laurie Avocado)

Rezoning Downtown — Skid Row included — must include more affordable housing, advocates say

Lizard Capital CEO Bingyi Huang and a rendering of the Spring Street Hotel

Appeal settled, Lizard Capital’s jagged-look DTLA hotel project has start date

Rexford Industrial Realty co-CEOs Howard Schwimmer and Michael S. Frankel

Rexford signs film and TV props supplier to giant warehouse lease Downtown

The Skid Row City Limits mural

LA wants to rezone Skid Row to allow 100K units of new housing

A rendering of Fig and 8th

Mitsui Fudosan secures final approval for 41-story DTLA tower