Vallejo medical office building sold to Virginia investor
A Vallejo medical office building is part of a recent sale of over 106,000 square feet of such facilities in Northern and Southern California by an East Coast investor.
Anchor Health Properties purchased a nearly 60,000-square-foot medical office building at 1761 N. Broadway St. in Vallejo, just south of the Park Place shopping center, the Charlottesville, Virginia-based company announced Monday. The sale price was $13.65 million, according to real estate brokers of the deal.
It was 99% occupied at the time of sale, and Kaiser Permanente leases 82%, the brokers said.
Kaiser in that building houses the Psychiatry Department, hearing center, behavioral health education and hospice offices for its nearby Vallejo Medical Center, according to the Oakland-based nonprofit health system’s website.
The building, constructed in 1990 and renovated recently, is accredited by the Joint Commission on the Accreditation of Rehabilitation Facilities, Anchor said.
In the Los Angeles area, the investment company also purchased a nearly 50,000-square-foot class A facility at 29525 Canwood St. in Agoura Hills. It was built in 1983 and was fully renovated in 2020. It has two ambulatory surgery rooms and multiple offices for primary care physicians and specialists.
The Agoura Hills property purchase price wasn’t disclosed.
With these new acquisitions, Anchor Health’s statewide owned and managed portfolio has effectively grown to nearly 1.5 million square feet, including the nearly 30,000-square-foot NorthBay Healthcare-anchored medical office building at 2470 Hillborn Road in Fairfield.
Anchor has been looking to acquire the Vallejo and Agoura Hills buildings “for a number of years” and bought them off market, the company said.
JLL Capital Markets advised the seller of the properties. Swiss Investment LLC was the seller, according to public records.
Jeff Quackenbush covers wine, construction and real estate. Before the Business Journal, he wrote for Bay City News Service in San Francisco. He has a degree from Walla Walla University. Reach him at jquackenbush@busjrnl.com or 707-521-4256.
This story was updated with the Vallejo purchase price, proportion that Kaiser Permanente leases and the name of the seller.
