Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A
Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A

Attributes

Year Built 1996
Building Area
Occupancy 100.0 %
Last Updated Date 28 Feb 2020

Property Description

4th & Lewis is a fee-simple outpatient medical building, fully leased with an absolute net structure to The Regents of the University of California (Moody’s: Aa2), one of the premier healthcare systems in the entire country. The Property represents a rare opportunity to acquire a core-profile campus-adjacent MOB located between two of the leading hospitals within the San Diego MSA, which has historically been a thinly traded market for institutional medical office buildings. The single-tenant, absolute triple-net lease provides consistent cash yields. 4th & Lewis features an 89-stall subterranean parking garage, resulting in a rare parking ratio of 4.0 per 1,000 in an extremely parking constrained submarket. Checking all the boxes for core medical office, 4th & Lewis is one of the most coveted investor-owned medical office buildings in Southern California.

Investment Highlights

  • Jones Lang LaSalle (“JLL”) is pleased to present to qualified investors the opportunity to acquire the fee-simple interest in 4th & Lewis (“Property”), a Class A, four-story, 22,461 square-foot medical office building located in the city of San Diego, California. Located at 330 Lewis Street, 4th & Lewis borders the campus of the 482-bed Scripps Mercy Hospital and sits just a few blocks away from the 390-bed UCSD Medical Center campus, in the heart of the affluent Hillcrest submarket.
  • The building includes an 89-stall subterranean parking garage, providing ample free parking at a ratio of 4.0 per 1,000 rentable square feet, a rare amenity in this high-density submarket. Since 1993, 4th & Lewis has been 100% leased to The Regents of the University of California – University of California San Diego Health (Moody’s: Aa2) on an absolute triple-net lease, offering a variety of services at this location including primary care, family medicine, radiology, mammography, laboratory, and internal medicine. 4th & Lewis remains a strategic location for UCSD as its nearby Hillcrest Medical Center is currently preparing for a $2 billion dollar six-phase redevelopment project. Scripps Mercy Hospital is undergoing a massive expansion and redevelopment of its own with plans for a new 710,000 SF acute care tower and recently broke ground on a $59 million MD Anderson Cancer Center. The Property offers a unique opportunity to acquire what is effectively an on-campus medical office building in one of San Diego’s strongest medical submarkets anchored by one of the leading health systems in the country.
Evan Kovac
Evan Kovac
Managing Director, Capital Markets
License details
CA-01750736
Andrew Milne
Andrew Milne
Managing Director, Capital Markets
License details
CA-01868031

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