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
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