Pasadena, CA – October 9, 2024 – NAI Capital Commercial is pleased to announce that Executive Vice Presidents John S. Archibald and Guillermo Olaiz with the Investment Services Group completed the sale of a multi-tenant medical office property in Pasadena, California, representing the seller. Senior Vice President Rene Soto and Senior Associate Tom Sexton of NAI Capital Commercial’s Tenant Consulting Group represented the buyer, Foothill Cardiology Medical Group, in the transaction. The sale price totaled $11,298,000 or $563 per square foot.
Located at 1038-1044 S Fair Oaks Avenue, this two-story, multitenant medical office building houses Acuity Eye Group at 1038 and Pasadena Advanced Surgery Institute at 1044. The property offers approximately 20,079 square feet of office space on a 35,461-square-foot lot, featuring both surface and subterranean parking. Situated in the Fair Oaks medical corridor, adjacent to Huntington Memorial Hospital, it provides convenient access to the 110, 210, and 134 freeways, and is within walking distance of the Metro Gold Line. The property is in a densely populated area, with 224,638 residents living within a 3-mile radius.
Rene commented, “For the buyer, this was an attractive long-term investment in Pasadena’s prime Fair Oaks medical corridor. The building’s medical amenities and proximity to major medical facilities present an outstanding opportunity for Foothill Cardiology Medical Group.”
John said, “This is a trophy office & medical-office building (MOB) asset in Pasadena. We are seeing strong demand from medical doctors and principals looking to acquire well-positioned properties that are Huntington Hospital adjacent.”
Guillermo added, “There are high barriers to entry for large footprint MOBs in the Fair Oaks Ave medical corridor and this property checked all the key boxes for this product type.”
About NAI Capital Commercial
NAI Capital Commercial is the largest agent and employee-owned full service commercial real estate firm headquartered in Southern California. As one of the largest members of NAI Global, a leading global commercial real estate services firm with more than 300 brokerage offices and over 5,100 professionals spanning the globe, NAI Capital Commercial provides a complete range of transaction, valuation, investment, property management and consulting services. By leveraging our local expertise with our global reach, NAI Capital Commercial offers innovative, customized solutions and seamless service to owners, tenants, investors, and developers throughout Southern California. Our clients have built their businesses on the power of our expanding network. We are a dynamic growing commercial real estate company. At NAI Capital Commercial we work together putting our clients first.
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To learn more, visit www.naicapital.com.
About NAI Global
NAI Global is a leading global commercial real estate brokerage firm. NAI Global offices are leaders in their local markets and work in unison to provide clients with exceptional solutions to their commercial real estate needs. NAI Global has more than 300 offices strategically located throughout North America,
Latin America, Europe, Africa and Asia Pacific, with over 5,100 local market professionals, managing in excess of 1.1 billion square feet of property and facilities. Annually, NAI Global completes in excess of $20 billion in commercial real estate transactions throughout the world.
NAI Global provides a complete range of corporate and institutional real estate services, including brokerage and leasing, property and facilities management, real estate investment and capital market services, due diligence, global supply chain and logistics consulting and related advisory services.
To learn more, visit www.naiglobal.com.
