Pomerado Outpatient Pavilion, a 160,000-square-foot medical office building in San Diego’s suburb of Poway, sold in a sale-leaseback transaction. A publicly traded REIT paid more than $100 million for the Class A property. According to CommercialEdge information, the asset previously traded in 2010 for $74 million.
CommercialEdge data also shows Pomerado Outpatient Pavilion was the only medical office building larger than 25,000 square feet that has changed hands in San Diego metro since the beginning of the year. The building is also the largest medical office facility in Poway.
Cushman & Wakefield assisted the seller in the deal. Managing Director Travis Ives said, in prepared remarks, that the transaction provided Palomar Health with immediate access to capital for tenant improvements. In addition, the new master lease will enable the health-care system to save more than $2 million annually.
A Class A property
Developed by PMB and completed in 2007, the medical office facility is situated at 15611 Pomerado Road on the Palomar Medical Center Poway hospital campus. The property comprises a five-story building with an attached 1,170-space parking structure, as well as a pedestrian bridge connecting the outpatient pavilion and the hospital.
The multi-tenant pavilion also houses Palomar’s related multi-specialty group, Arch Health Partners, among other health-care providers.
Pomerado Outpatient Pavilion is less than 4 miles northwest of downtown Poway and some 23 miles from downtown San Diego.
Apart from Ives, the Cushman & Wakefield team representing the seller also included Managing Directors Gino Lollio and Scott Niedergang, with the participation of Director Joe Zurek. The first three brokers were also instrumental in the sale of a two-building, 42,857-square-foot medical office property in Temecula, Calif.