Santee Medical Center Sells for $8.2 Million in 1031 Exchange Deal
[Santee, CA] – Pacific Coast Commercial is pleased to announce the sale of the Multi-Tenant Triple Net Leased investment located at 8760 Cuyamaca Street, Santee, CA. The property sold for $8.2 Million on March 22, 2023
The Buyer was 200 North Palm Dr., LLC, as part of a 1031 exchange deal. The property was sold by John L Davidson Trust, which was represented by Ken Robak and Brian Crepeau at Pacific Coast Commercial.
The buyer was represented by Alphonzo Hicks, Mitch Yankowitz, and Jeffrey Cunningham of Medical Asset Management Company based in the Los Angeles area.
Santee Medical Center is a medical office building with the San Diego Regional Center as the anchor tenant.
The sale was coordinated by Chicago Title Company, Renee Marshall and the Marshall team for escrow and Brad Goodman and Ken Cyr for title.
Marie Crivello of First Pacific Bank coordinated the financing for the purchase.
Ken Robak, Executive Vice President at Pacific Coast Commercial, said, “We are thrilled to have closed this transaction for our client. The property's prime location and a strong tenant base made it a highly sought-after investment opportunity.”
Brian Crepeau added, “The property is nearby a number of new development projects including the Sharp Rees-Stealy Medical Center in the rapidly growing City of Santee.”
This sale is another successful transaction for Pacific Coast Commercial, and the team is excited to continue to provide exceptional service to their clients in the commercial real estate market.
Seller Representation: Pacific Coast Commercial
Ken Robak & Brian Crepeau
Buyer Representation: Medical Asset Management Company
Alphonzo Hicks & Mitch Yankowitz & Jeffrey Cunningham
Property Type: Medical Office Building
Square Footage: 25,219 sq. ft.
Sale Price: $8,200,000
Close of Escrow Date: March 22, 2023
Seller Name: John L Davidson Trust
Buyer Name: 200 North Palm Dr., LLC
Escrow Company: Chicago Title Company, Brad Goodman and Ken Cyr
Title Company: Chicago Title Company, Renee Marshall and the Marshall Team
Financing: First Pacific Bank, Marie Crivello
Major Tenants (if applicable): San Diego Regional Center
Vice President - Brokerage & Asset Management
Direct (619) 572-9813
Executive Vice President
Direct (619) 666-4600
About Pacific Coast Commercial
Pacific Coast Commercial is a full-service commercial real estate brokerage firm based in San Diego, CA. They specialize in the sale and leasing of commercial properties in Southern California and have a proven track record of success in the industry. The company is dedicated to delivering results that exceed the expectations of its clients and is committed to building long-term relationships with the local business community.