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380 Stevens Ave, Solana Bea...

Embark Behavioral Health Leases 7500 Square Feet At 380 Stevens Ave Solana Beach From American Assets Trust Inc
LEASEDMedical Office

Embark Behavioral Health Leases 7500 Square Feet At 380 Stevens Ave Solana Beach From American Assets Trust Inc

380 Stevens Ave, Solana Beach, CA, 9...

Building Size

7,500 SF

Asset Type

Medical Office

Closing

Nov 19, 2023

AI

Embark Behavioral Health has secured a new lease at 380 Stevens Ave, Solana Beach, CA within the Solana Crossing, a Class A medical office building. The leased space measures 7,500 square feet, marking Embark's first location in the San Diego market. The property is situated in a strategic area providing convenient access to Interstate 5.

Summary of transaction details:

  • Property Type: Lease
  • Transaction Amount: Not disclosed
  • Address: 380 Stevens Ave, Solana Beach, CA
  • Market: Solana Beach
  • Tenant: Embark Behavioral Health
  • Landlord: American Assets Trust, Inc
  • Tenant's Representatives: Kevin Calihan-CBRE, Amy Trott-CBRE, Dan Henry-CBRE
  • Landlord's Representatives: Lars Eisenhauer-CBRE, Dick Balestri-CBRE
  • Square Feet: 7,500

In this transaction, CBRE's Dan Henry highlighted that Solana Beach is an ideal market for Embark's expansion in the San Diego area. Perkin Chung, SVP at Embark, emphasized the company's mission to address the mental health challenges faced by youth, exacerbated by the pandemic.

Players

Amy Trott

CBRE

Broker

1 deal

Broker

Solana Beach Medical Office Market Snapshot

Boundary boundary · Medical Office · Lease transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93