San Diego Business Journal

$28.78 Million Escondido Medical Office Property Is Part of Portfolio Deal

Originally published August 27, 2013 at 12:07 a.m., updated August 27, 2013 at 8:18 a.m.

An Escondido medical office building is part of a six-building portfolio purchased for $59.5 million by CNL Healthcare Properties Inc. of Orlando, Fla.

The seller was Montecito Medical Investment Co. of Carpinteria, according to CoStar Group and public data.

The Escondido property, with an allocated price of $28.78 million, is at 225 E. Second Ave. The other properties purchased are in Ohio, Kansas and Arizona, with the full acquired portfolio totaling 181,890 rentable square feet.

The local building, constructed in 1994, has 49,302 square feet and was 86.6 percent leased at the time of sale. Tenants include Graybill Medical Group, Heartland Spine & Specialty Hospital, and Cleveland Clinic.

— SDBJ Staff Report