IRA Capital, an active investor within the medical office building sector, has purchased a North County medical office building for $11.25 million.
The Irvine firm acquired the property, fully leased to UC San Diego Health, from MGNC Properties, a local private ownership.
The building, at two stories and 20,282 square feet, is located at 910 Sycamore Ave. in Vista.
Peter Curry, Mark Avilla and Bob Cowan with Cushman & Wakefield represented the seller in the transaction. Prior to sale, the firm also recently helped to negotiate a long-term lease renewal to UCSD Health.
“This was a highly attractive medical investment opportunity with a strong, long-term local tenant offering a central North County location situated next to several residential communities in need of medical services,” said Avilla, a senior director. “Health care real estate in San Diego remains a highly sought-after asset class.”
Built in 1990, the building is situated within a four-building medical campus with ample parking. The property provides easy access to state Route 78, between the Interstate 5 and Interstate 15 corridors, and is also near several major hospitals.