Overview
Marcus & Millichap, is pleased to offer for High Desert Medical Campus (the “Portfolio”) consisting of two (2) adjacent medical office buildings known as Choice Medical Plaza (“CMP”) located at 18522 US Highway 18, Apple Vally, CA and Corwin Medical Center (“CMC”) located at 18523 Corwin Road, Apple Valley, CA. Choice Medical Plaza and Corwin Medical Center combined are 81% occupied and comprise the premier medical campus in the High Desert, providing a comprehensive range of specialties in immediate proximity to the 213-bed Providence St. Mary Medical Center.
The Portfolio consists of approximately +/-46,688 square feet of rentable building area just 90 minutes east of Los Angeles and 42 miles north of San Bernadino just off Interstate 15.
The Portfolio is an exceptional value-add investment opportunity with high quality underlying fundamentals and tenancy. The High Desert Medical Campus portfolio is currently 81% occupied with fifteen (15) true medical office tenants, no general office, and features +/- 2.4-year weighted average lease term (WALT) remaining.
Investment Highlights
- +/- 2.4-year WALT on the in-place occupancy of 81%, providing an investor security within the existing rent roll and immediate positive cashflow
- Rents are currently at $15.33/SF with Tenants only paying for their janitorial and utilities. Immediate value-add by converting tenants to NNN rent structures upon rollover or pushing rents to market, which are north of $23.00/SF full service.
- Adjacent to the prominent regional medical center
- An attractive going in basis will allow an investor the flexibility to provide significant tenant improvement allowances and still market the Asset at rents below competitive properties
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