Marcus & Millichap : Arranges the Sale of a 29,609 SF Off-Campus Medical Office Building
August 10, 2022 at 07:11 pm EDT
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Marcus & Millichap Arranges the Sale of a 29,609 SF Off-Campus Medical Office Building
August 10, 2022
THOUSAND OAKS, CA, August 10, 2022 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Westlake Center Medical Plaza, a 30,000 square foot outpatient medical office building ("MOB") in the Westlake Village submarket of Los Angeles, for $16,950,000 ($572 per SF) at an in-place Cap Rate of 4.90%. James DeBuiser, First Vice President Investments, with Marcus & Millichap's Ventura Office provided sales advisory services on behalf of the Buyer and Seller.
Originally constructed in 1987 and fully renovated in 2019 by the seller, the facility is strategically located with close proximity to both Los Robles Regional Medical Center, a 341-bed inpatient acute care hospital as well as West Hills Medical Center, a 236-bed inpatient acute care hospital. The asset is anchored by two preeminent local practices - Dougherty Laser Vision, who utilizes the building as a hub for coverage of Western Los Angeles to provide state of the art LASIK, cataract surgery, lens implants and other advanced vision correction, and Second Chance Hearing Center, a multi-site audiology practice that offers highly trained audiologists experienced in treating all ages - from pediatrics to geriatrics from this facility.
Well occupied by a synergistic mix of primary care and specialty clinical medical tenants, medical services at this asset include chiropractic, podiatry, dermatology, audiology, cardiology, dentistry, physical therapy, ophthalmology, and nutrition services. The tenancy ecosystem enjoys cross referrals from within the building as well as the neighboring hospitals, community, and sports training facility.
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About Marcus & Millichap (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2021, the company had 1,994 investment sales and financing professionals in 82 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 13,255 transactions in 2021, with a sales volume of approximately $84.4 billion. For additional information, please visit www.MarcusMillichap.com.
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Marcus & Millichap Inc. published this content on 10 August 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 August 2022 23:10:03 UTC.
Marcus & Millichap, Inc. is a brokerage company. The Company is specialized in commercial real estate investment sales, financing services, research, and advisory services. The Company also offers market research, consulting, and advisory services to its clients. The Company offers services to its clients by underwriting, marketing, selling, and financing commercial real estate properties in a manner that maximizes value for sellers, provides buyers with a diverse inventory of commercial properties, and secures competitive financing from lenders for borrowers. The Company divides its commercial real estate into four market segments: properties, private client market, middle market, and larger transaction market. The Company serves clients with one property, multiple properties, and large investment portfolios. The Companyâs investment brokerage and financing professionals serve private clients within the private client market segment.
MARCUS & MILLICHAP, INC. 
