San Diego Medical Office Building Sells for $11.4 MillionMonday, October 21, 2013
TDA Investment Group of San Mateo has purchased Alvarado Medical Plaza III, an office building in San Diego, for approximately $11.4 million, according to CoStar Group and public data.
The seller of the property, at 6719 Alvarado Road, was AMP III LLC. The three-story, 51,441-square-foot building was constructed on 2.5 acres in 1991, and was 75 percent leased at the time of sale.
The buyer was represented by brokerage services provider Newmark Grubb Knight Frank. A Newmark statement said PMB Brokers, an affiliate of Pacific Medical Buildings, negotiated the transaction for the seller.
The medical office building, located near San Diego State University, is anchored by an Alvarado Hospital-affiliated outpatient surgery center, which occupies most of the first floor, according to Newmark.
— SDBJ Staff Report