321 Middlefield. Picture courtesy of Newmark
Morgan Stanley has paid $68 million for a 44,719-square-foot medical workplace constructing in Menlo Park, Calif. Pollock Monetary Group offered the totally leased asset in a transaction organized by Newmark.
With a $4.42 billion gross sales quantity year-to-date as of November, the Bay Space dominated the West Coast when it comes to workplace transactions, as proven by a latest CommercialEdge report. The market additionally registered the bottom progress in vacancies over the previous 12 months at simply 0.07 %, in response to the analysis.
A Bay Space medical workplace asset attracting investor curiosity
The 2-story facility got here on-line in 1962 on a 3-acre web site, and underwent beauty renovations in 2009, in response to CommercialEdge. Menlo Medical Clinic, a accomplice of Stanford Well being Care, DeMarta Dental and Lucile Packard Youngsters’s Hospital Stanford are among the many tenants on the property.
Positioned at 321 Middlefield Street, with connectivity to Interstate 101, the medical workplace constructing is a few 3 miles from Stanford Hospital, the one Degree 1 trauma heart on the San Francisco Peninsula. Downtown Menlo Park is lower than 2 miles away.
The Newmark crew that facilitated the transaction included Govt Vice Chairman & President Steven Golubchik, Vice Chairman Edmund Najera and Director Darren Hollak, along with Senior Managing Administrators Jonathan Schaefler and Jesse Millman.
In a ready assertion, Golubchik mentioned that the asset attracted robust investor curiosity, regardless of market volatility. Based on Newmark analysis, Menlo Park accounts for six.5 million sq. toes of the roughly 39 million sq. toes of workplace area within the South Peninsula market, with a emptiness fee of 12 % within the fourth quarter of 2022.
