March 27, 2019 Comments Off on $148M Lease Brings New VA Outpatient Clinic to San Diego Views: 741 California News, San Diego

$148M Lease Brings New VA Outpatient Clinic to San Diego

One of San Diego’s largest-ever medical leases will introduce a new 140,000-square-foot Veterans’ Administration outpatient clinic to the market. The 20-year, $148-million lease involves an existing roughly 100,000-square-foot former money vault for Bank of America that will be transformed into a state-of-the-art facility for the VA.

The new clinic will allow the VA to increase its current primary care, mental health, specialty care, and ancillary services to veterans. The 7.74-acre property at 8875 Aero Dr. will be expanded by roughly 40,000 square feet, including significant interior and exterior upgrades, as well as a new multi-level parking structure.

Voit Real Estate Services’ Brandon Keith and Kipp Gstettenbauer, in partnership with Voit’s Private Client Group, directed the deal on behalf of Protea Properties, which acquired the property for $18.5 million in August 2017.

Gstettenbauer says, “As a prolific and well-known developer and property owner, the Protea team proved to be the right buyer and trusted Voit to complete the detailed work necessary to meet each of the VA’s requirements to lease the facility.”

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