New York Life Real Estate Acquires Medical Office In Escondido

The property involved in the transaction is located at 1955 Citracado Pkwy in Escondido. It is a medical office asset with a total of 44,261 square feet, featuring a steel-frame building in a three-story configuration. The sale was facilitated by Colliers International, with Marc Posthumus and Ryan Foley representing both the buyer and the seller.

Summary of transaction details:

• Property Type: Medical Office
• Transaction Amount: Not Disclosed
• Buyer: New York Life Real Estate Investors
• Seller: Lincoln Property Company West
• Buyer's Representatives: Marc Posthumus (Colliers International), Ryan Foley (Greater Metropolitan Real Estate)
• Market: Escondido
• Note: The property's proximity to Palomar Medical Center provides valuable access to the hospital facility.

New York Life Real Estate Investors, on behalf of an institutional client, acquired the medical office asset from Makena with partner and property manager, Lincoln Property Company (LPC) West. The property's design-build team, Barnhart-Reese, constructed the high-quality class-A medical property in 2011, showcasing a LEED-certified design. The strategic location near Palomar Medical Center's campus adds to the attractiveness of the asset, offering stability and resilience in the pandemic-impacted medical office market.