CBRE Announces Sale of Medical Office Building in Midway District, San Diego to Orange County-Based Pain Management Group for $6 Million

05 May 2020

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Cole Mortland

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Property includes a surgery center and urgent care facility

San Diego – CBRE announced the sale of a medical office building, Richley Medical Plaza, in Midway District, San Diego, to an Orange County-based pain management group for $6 million.

CBRE’s Dan Henry and Lars Eisenhauer represented the seller, a private investor, in the transaction. The buyer was represented by an outside firm.

Located at 3434 Midway Drive, the 25,600 square-foot, two-story building was originally built in 1991. The property includes a 6,475 square-foot surgery center that features three operating rooms, recovery area, waiting room, reception and two restrooms. The building was approximately 85 percent vacant at the time of sale and features 65 parking spaces.

Richley Medical Plaza is located in the Sports Arena area of the Midway District and is within walking distance of dozens of restaurants and retail amenities. The property is within three miles of the San Diego International Airport and within five miles of Downtown San Diego. The building is also within one mile of both the I-5 and I-8, two major freeways that connect the Midway District to the rest of San Diego County.

“At the time of sale, Richley Medical Plaza was one of the few vacant medical office buildings in San Diego with an existing surgery center,” said Eisenhauer. “We were able to leverage the scarcity of this type of real estate to the healthcare users in the market to achieve a win-win for both buyer and seller.

About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.