Neighborhood Healthcare Acquires 72,000 SF Medical Office In Escondido For $36.4M From Remedy Medical Properties

The transaction involves a medical office asset located at 488 East Valley Parkway in Escondido. The Class A medical office building spans 72,000 square feet and was sold for $36.4 million, resulting in a price per square foot of $506.

Summary of transaction details:

• Property Type: Medical Office
• Transaction Amount: $36,400,000
• Address: 488 East Valley Parkway
• Market: Escondido
• Buyer: Neighborhood Healthcare
• Seller: Peter Westmeyer - Remedy Medical Properties
• Buyer's Representatives: Chris Ross & Ben Schiesl - JLL
• Seller's Representatives: Lars Eisenhauer & Dan Henry - CBRE
• Square Footage: 72,000
• Price Per Square Foot: $506

This transaction highlights Neighborhood Healthcare's strategic expansion within San Diego’s medical office market, which is characterized by low vacancy rates of 6.4%. The deal was facilitated by brokers from CBRE and JLL, indicating a strong demand for medical office spaces in the area.