CHULA VISTA, CA—Profil Institute has renewed its 26,000-sq.-ft. lease at the 75,000-sq.-ft. Centre Medical Plaza in this San Diego suburb.
American Healthcare Investors negotiated the nine-year lease for the tenant, which performs early phase clinical research of drugs and devices for diabetes, obesity, and cardiometabolic diseases in cooperation with the pharmaceutical industry. The company has been involved with more than 175 clinical studies since its inception in 2004.
Chris Rooney, senior vice president, asset management for American, said Profil has occupied space in Centre Medical Plaza since 2003. "Securing a long-term lease extension with Profil provides added stability to the building's leased rate, currently 100 percent, which significantly outpaces the local submarket,” he said in a statement.
The plaza, at 855 Third Avenue, has 24 tenants, including Profil Institute, Children's Primary Care and San Ysidro Health Center. American manages the property on behalf of the stockholders of Griffin-American Healthcare REIT II Inc. Ron Magnaghi with the Irving Group represented Profil in the negotiation.