San Diego Medical Office Sells for $17M at 5.8% Cap Rate

Alto Real Estate Fund and Milan Capital Management have sold a 46,183 SF medical office in San Diego for $17M at a 5.8% cap rate. The property, located at 15705 Pomerado Rd, was purchased by an undisclosed buyer. The property was listed for sale in February 2020 and closed in June 2020. The property was built in 1984 and renovated in 2017. The property is currently 100% leased to a mix of medical tenants, including a surgery center, imaging center, and primary care physicians. The property is located in the Poway submarket of San Diego, which has a strong demand for medical office space due to its growing population and aging demographics. The property is also located near several major hospitals, including Palomar Medical Center Poway and Scripps Clinic Rancho Bernardo. The buyer was represented by CBRE, while the seller was represented by Chris Nichelson of Capital Real Estate Ventures.