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

Los Angeles /
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

arrow_forward_ios
Renderings of Omni's new project, along with the original Times Mirror Square building. (City of Los Angeles Department of City Planning, WikiMedia)
City approves Onni’s massive Times Mirror Square redevelopment
City approves Onni’s massive Times Mirror Square redevelopment
Christopher Rising and Sam Manoochehri (Linkedin)
Rising Realty expands into multifamily market
Rising Realty expands into multifamily market
 Jade Enterprises’ Director of Development Daniel Taban and 888 South Figueroa Street (Google Maps)
Here’s what tenants are paying at Jade Enterprises’ 888 Figueroa in DTLA
Here’s what tenants are paying at Jade Enterprises’ 888 Figueroa in DTLA
David Lawrence Gray and a rendering of the 120-unit tower (David Lawrence Gray Architects, University of Washington)
120-unit Pencil Tower planned for DTLA
120-unit Pencil Tower planned for DTLA
Rendering of 1411 South Flower Street (Housing Diversity Corporation)
Micro-housing to rise in DTLA Opportunity Zone
Micro-housing to rise in DTLA Opportunity Zone
Geoff Palmer and a rendering of the project (Getty)
New renderings show Geoff Palmer’s 1K-unit DTLA apartment project
New renderings show Geoff Palmer’s 1K-unit DTLA apartment project
Rockwood Capital's Walter P. Schmidt, LPC West's David Binswanger, and Deka Immobilien's Ulrich Bäcker. (915 Wilshire, Rockwood, Light and Shine Photography, Deka)
Rockwood Capital, Lincoln Property sell DTLA office tower for $196M
Rockwood Capital, Lincoln Property sell DTLA office tower for $196M
CEO of Related Companies Jeff T. Blau, and a rendering of the project (Credit: Related)
Grand ambitions: Related’s DTLA megaproject hits halfway mark
Grand ambitions: Related’s DTLA megaproject hits halfway mark
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...