By Holly Dutton
A joint venture of Lincoln Property Co. and Angelo Gordon has acquired a Class A medical office building in Burlingame, Calif. Sierra Investments sold the three-story asset.
Located at 1720 El Camino Real, the property encompasses more than 100,000 square feet on nearly 4 acres and is adjacent to the 450,000-square-foot Sutter Health Mills-Peninsula Hospital, a $640 million facility completed in 2011.
Transit options such as BART, Caltrain and highways 101 and 280 are in close proximity to the property, which is located about a 30-minute drive from San Francisco. Furthermore, several restaurants and retail venues, including the Burlingame Plaza, a 100,000-square-foot shopping center, are nearby.
The joint venture is planning a multi-million-dollar improvement program that will include renovations to the lobby, courtyards and common corridors, as well as upgrades to the building’s exterior and the addition of new interior and exterior signage.
Seth McKinnon, senior managing director with Newmark Knight Frank, worked on behalf of the buyers. The building is 85 percent leased to a variety of healthcare tenants including Lucile Packard Children’s Hospital, Sutter Health, DaVita Dialysis Clinic and Mid-Peninsula Endoscopy.
Earlier this year, a joint venture of Rockwood Capital and Lincoln Property Co. acquired a historic office building in the financial district of San Francisco.
Photo courtesy of Yardi Matrix