The Tri-City Medical Arts Building, a two-story, 33,914-square-foot medical office property in Vista has been sold for $8.3 million, a real estate firm announced.
The Thunder Drive property, adjacent to the Tri-City Medical Center, a 320-bed general acute-care hospital in North County, was sold by a partnership of local investors, according to Cushman & Wakefield, which served as advisers in the sale.
ShareMD, out of Alpharetta, Ga., acquired the building, originally constructed in 1980. Interior and exterior renovations took place in 2018.
Travis Ives and Gino Lollio of Cushman & Wakefield’s Healthcare Capital Markets Team collaborated with Mark Avilla of the firm’s Private Capital Group in San Diego to represent the seller. Joe Zurek and Nehal Wadhwa, who specialize in medical office leasing throughout San Diego County, provided local market expertise.
This is a the first time the building has been sold.
“Tri-City Medical Arts Building provided an attractive value-add opportunity with the ability to reposition and modernize this well-located property in oder to attract new tenants and improve net-operating income in the coming years,” Ives said.
Situated on nearly three acres, the property has suites with exterior entrances from the parking lot on the ground floor and from the second floor via an exterior walkway.
According to Cushman & Wakefield, the San Diego medical office market is one of the strongest in the nation with a vacancy rate of less than 6%. The firm also has a 28,000 square-foot medical office building in San Marcos listed for sale.