By Lilly Riddle
West Los Angeles could soon see another commercial property sale with an announcement from Newmark about an opportunity to acquire the fee simple interest in 11600 and 11620 Wilshire Blvd., collectively known as the West Wilshire Medical Campus. Located in the Brentwood submarket, this 253,106-square-foot medical office asset on a 1.69-acre lot offers potential for growth and expansion. Pricing guidance on the asset, according to industry sources, stands at around $100 million.
The campus, which property records show is owned by an entity that shares an address with CIM Group, comprises two separate buildings, each situated on its own tax parcel and sharing a parking structure. According to an offering brochure from Newmark, 11600 Wilshire — a five-story building — is entirely leased to medical tenants. 11620 Wilshire, an eleven-story building, is currently a mixed-use property with both medical and office tenancy. However, investors have the opportunity to expand the medical footprint within this building by leasing existing vacancies and converting current office spaces into medical suites.
The West Wilshire Medical Campus offers a medical office environment in a central location. The property is located within close proximity to major hospitals such as West Los Angeles VA Medical Center, Ronald Reagan UCLA Medical Center, Providence Saint John’s Health Center and UCLA Santa Monica Medical Center. A 20-year commitment from a prominent signage company provides a significant recurring revenue stream, adding further value to the investment. With the potential to convert 11620 Wilshire into a predominantly medical building, investors can capitalize on the growing demand for medical office space in the area.
11620 Wilshire is currently 77 percent leased to a roster of 35 tenants, with no single tenant occupying more than 13 percent of the building, promoting a stable income stream, according to the brochure. 11600 Wilshire is 73 percent leased to 30 tenants. The weighted average lease term is three years, and the average tenant size is 2,948 square feet. Situated in the heart of Brentwood, the West Wilshire Medical Campus benefits from its immediate proximity to the San Vicente Corridor and its boutique office and retail inventory. The surrounding communities of Brentwood, Santa Monica, Pacific Palisades and Beverly Hills provide a strong patient base for medical practices.
Investors have the flexibility to acquire the entire West Wilshire Medical Campus or purchase the buildings individually, tailoring their investment strategy to their specific needs and objectives.
Kevin Shannon, Rob Hannan, Laura Stumm, Michael Moll, Ken White, Alex Beaton, Ben Appel, Jonathan Firestone, David Milestone, Henry Cassiday and Steven Salas of Newmark and Joe King of Madison Partners are leading the marketing efforts for this property.
