CARMICHAEL, CA—DylanProperties has purchased St. George Medical Center in Carmichael, Calif. for an undisclosed total. SA Challenger Inc. disposed of the 52,677-sq.-ft., four-building medical office building.
“St. George Medical Center is an exceptional medical office building, given the quality of the asset, premiere existing tenant base and strategic location. The recent $125 million dollar expansion of Mercy San Juan Medical Center has added to the desirability of the property,” said Evan Kovac, managing director of NGKF Capital Markets. Kovac represented DylanProperties in the transaction.
The medical office building is adjacent to the 370-bed acute care hospital, Mercy San Juan Medical Center.
“The healthcare real estate market is extremely robust, particularly for medical office buildings located on or near strong hospital campuses with excellent tenants, making St. George Medical Center an attractive asset to a wide range of buyers from across the country. Dylan Investment Properties performed flawlessly from start to finish in a highly competitive process,” Kovac said. “Our team has completed several similar medical office transactions in the past year.”
The property has 17,000 sq. ft. of available space for lease. It is listed with Kim Collins and Sue Nelson of Cornish & Carey Commercial Newmark Knight Frank.