Skip to main content Skip to footer

LPC West and New York Life Real Estate Investors Close on the First Medical Office in Rare North County Class-A Property Acquisition

1955CitracadoPkwyHero

Medical offices are proving resilient in a post-Covid marke

San Diego, Calif., November 12, 2021 – Medical offices are proving resilient in a post-Covid market, as the need for expansion is everpresent among investors, and the recent sale of Escondido’s Madison Medical Center, formerly Makena Medical Center, further solidifies just that. Representing both buyer and seller, Marc Posthumus and Ryan Foley of Colliers teamed up to facilitate the deal wherein New York Life Real Estate Investors (NYLREI), on behalf of an institutional client, acquired the property from Makena with partner and property manager, Lincoln Property Company (LPC) West.

Investments in medical office opportunities remain a high conviction thesis for both LPC and NYLREI. “The opportunity to acquire a true Class-A medical office asset adjacent to the burgeoning Palomar Medical Center was very attractive to the partnership. Further, the dynamics within the medical office space – especially within this pocket – were compelling for a host of reasons. LPC continues to be bullish on the sector and keen to grow its medical office portfolio both in San Diego and on the West coast,” commented Ben Bucci, VP of Acquisitions at LPC.

“As we seek to grow our medical office portfolio, we are pleased to have had the opportunity to purchase this Class A property with proximity to the Palomar Medical Center,” said Cassie Mehlum, Senior Director in the Transactions group in NYLREI’s San Francisco Regional Office.

Located at 1955 Citracado Parkway in Escondido, the primely positioned steel frame building features a three-story configuration totaling 44,261 square feet. The Class-A property is equipped with state-of-the-art technology, a stone veneer exterior, and an extensive aluminum curtain wall system. “The property’s design-build team, Barnhart-Reese, constructed this high-quality Class-A medical property in 2011 with the foresight of utilizing a LEED-certified design,” commented Marc Posthumus. “We don’t see medical office buildings of this caliber become available too often.”

Most notably, the property’s proximity to Palomar Medical Center’s 56-acre campus provides its tenants invaluable access to the campus’ 11-story, 740,000 square-foot hospital facility. “The stability and resilience of the medical office market throughout the pandemic, in addition to the property’s strategic location and quality design, made for a very attractive opportunity and an asset to new ownership,” said Ryan Foley.

Media Contact:

Leanne Daly
PR & Communications Specialist | Southwest
Leanne.Daly@colliers.com
760-930-7941

Bryan Welch
PR & Communications Manager | Southwest
Bryan.Welch@colliers.com
801-453-6819

About Colliers

Colliers is a leading diversified professional service and investment management company. With operations in 66 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to real estate occupiers, owners and investors. For more than 25 years, our experienced leadership with significant insider ownership has delivered compound annual investment returns of almost 20% for shareholders. With annualized revenues of $3.3 billion ($3.6 billion including affiliates) and $45 billion of assets under management, we maximize the potential of the property and accelerate the success of our clients and our people. Learn more at corporate.colliers.com, Twitter @Colliers, or LinkedIn.


Related Experts

Marc Posthumus

Vice President

Carlsbad

Marc Posthumus is a Commercial Real Estate Broker with over twenty years of experience in the industry. Mr. Posthumus is committed to the highest level of client service and his primary areas of focus are office, industrial and R&D properties.

 

View expert

Ryan Foley

Associate Vice President

San Diego

Ryan focuses his efforts on Healthcare Services throughout San Diego County, representing Tenants and Owners. Ryan serves as a Senior Associate for Colliers International Healthcare Services Team and a member of the Colliers Healthcare Fellows. Born in San Diego, he is well versed in the local industry.

View expert