California Retina Associates
San Diego, CA
Achieving Maximum Value in a Sale-Leaseback.
The California Retina Associates transaction represents a confluence of private-equity, sale-leaseback, net-leases, and 1031 exchanges. The tenant owned the building free-and-clear and partnered with a private-equity firm to expand its business from their 3 current locations. After negotiating a long-term lease with options to keep them in the location for years to come, we were able to go out to market.
Pricing expectation was set to beat the record price per square foot for the region, and we delivered after 4 months of diligently marketing the property. We secured an offer from a 1031-exchange buyer who was exchanging out of apartments in Orange County. This buyer was unfamiliar with the medical office product type but we were able to not only get the buyer comfortable with the product type but also get some of the lease amended by the private equity firm in order to facilitate the transaction.
California Retina Associates is the premier practice of choice for individuals seeking world-class quality eye care, particularly for diseases affecting the retina and the vitreous. CRA sees patients from all over Southern California and beyond that have been diagnosed with conditions that threaten their ocular health and their vision. Their retinal specialists pride ourselves on staying abreast of all advances in our field and offering patients a wide range of surgical and non-surgical treatments.
type: Office | Medical
total sqft: 24,000 SF
location: San Diego, CA