PMB Tops Out 230 KSF Bay Area MOB
Capital One provided more than $205 million for this project.
PMB and Santa Clara Valley Healthcare have topped out Valley Health Center San Jose, a 10-story, 230,000-square-foot medical office building in San Jose, Calif. Completion is expected in late 2025.
The developers broke ground on the project in October and are aiming for LEED Silver certification. WRNS Studio and Boulder Associates designed the medical office development, while South Bay Construction serves as general contractor.
As for project financing, Capital One provided the partnership with a $205.3 million loan in 2022, according to CommercialEdge data. Harrison Street is the equity partner.
Located at 1410 S. Bascom Ave., near VTA’s Bascom Station, VHC San Jose is part of a transit-oriented, mixed-use development that also includes a 590-unit multifamily component. PMB and Harrison Street Real Estate Capital acquired the master plan’s office component in June 2022. The Maxwell, the residential portion of the development, is also under construction.
In line with San Jose’s Urban Village strategy
VHC San Jose is a signature project of the city’s Urban Village strategy that creates complete neighborhoods where daily needs, including medical care, can be met in close proximity to where people live. It will be the 10th local Valley Health Center servicing Santa Clara County, the sixth largest county in California with a population of 1.9 million residents.
The health center will have 16 departments including adult medicine, OB/GYN subspecialties, adult urgent care, behavioral health, dental, diagnostic imaging, facility support services, maternal and fetal medicine, patient support services, pediatric primary care, pediatric subspecialties and pediatric urgent care, among others.
The 2.4-acre triangular-shaped site is at the light rail stop along Southeast Expressway, north of Los Gatos Creek. The development is within walking distance of more than 11,000 households, with downtown San Jose about 5 miles away.
PMB’s medical office projects
PMB has developed more than 130 health-care facilities across the U.S., totaling approximately 6 million square feet. The firm owns and manages 70 medical facilities comprising more than 5.2 million square feet and works with health systems, hospitals, medical groups, specialty providers, academic medical centers and senior living providers.
In April, PMB, in partnership with Providence St. Joseph Hospital, opened Helen Caloggero Women’s and Family Center, a 137,000-square-foot medical office building in Orange, Calif. The property is on the Providence St. Joseph Hospital campus and provides such services as OB/GYN, a maternity wellness center, maternal mental health, pelvic health and rehab.
Elsewhere in California, PMB and Sutter Health began construction of a four-story, 100,000-square-foot medical office building in the Sacramento area last June. The facility at 7 Medical Plaza Drive is slated to open this summer.
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