A joint-venture affiliate of San Diego-based Coast Income Properties Inc. has acquired a medical office building in Carmel Valley for $28.5 million, according to CoStar Group and public data.
The seller of the 44,091-square-foot Torrey Hills Medical Plaza, at 4765 Carmel Mountain Road, was an affiliate of San Diego Comprehensive Pain Management. The property was built on approximately 2.5 acres in 2005 and is located within the Vons-anchored retail complex known as Torrey Hills Center.
A statement from Holliday Fenoglio Fowler LP (HFF) said the brokerage firm represented the seller and procured the buyer. The HFF team representing the seller was led by Evan Kovac, Nick Frasco, Andrew Milne and Trent Jemmett.
HFF’s Zack Holderman led a team that represented the buyer in arranging a joint venture with an institutional equity investor for the purchase, recorded as Torrey Hills MOB LLC, and negotiated the assumption and modification of an existing loan.
The seller was also represented by Paul Braun and Chris Ross of brokerage firm JLL.
The two-story building was 92 percent leased at the time of sale and is anchored by Fresenius Medical Care.