Marcus & Millichap Arranges Bay Area MOB Sale
Senior Associate Ryan Gonzales represented both parties in the deal for the 60,000-square-foot property in Walnut Creek, Calif.
2625 Shadelands Drive. Image courtesy of Marcus & Millichap
Marcus & Millichap has arranged the sale of 2625 Shadelands Drive, a 60,000-square-foot medical office building in Walnut Creek, Calif., as the medical office sector continues to perform well. Caddis Healthcare Real Estate purchased the Class B asset from TSM Investments for $23.2 million, according to PropertyShark. Senior Associate Ryan Gonzales arranged the deal on behalf of both parties. Yardi Matrix shows the property last traded in 2014 for $5.7 million.
Situated on 5 acres within the 246-acre Shadelands Property and Business Improvement District, the medical facility was completed in 1978. The property features a parking ratio of 4.9 spaces per 1,000 square feet. Stanford Health, John Muir Health and Muir Ortho fully occupy the single-story building. Services provided include sports medicine, physical therapy and ENT treatment, among others.
The facility is roughly 3 miles northeast of downtown Walnut Creek, just north of Ygnacio Valley Road. The surrounding area has several other health-care providers, including Kaiser Permanente Park Shadelands Medical Offices.
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