July 15, 2020
Alto Real Estate Fund and Anaheim-based Milan Capital Management sold Pomerado Professional Plaza, a medical clinic complex in San Diego for roughly $17 million, representing a 5.8% cap rate. The property was sold to an unnamed U.S.-based REIT investing in medical properties.
The 46,183-square-foot property was purchased in August 2015 for $9.5 million at an occupancy rate of 55%. The investors’ business plan was to significantly upgrade the property with an extensive renovation, followed by pursuing an aggressive lease-up strategy. The property’s occupancy dramatically increased to about 90% prior to its sale.
Milan Capital’s Chris Nichelson says, “We thank our investors for placing their trust in us in these challenging times. We keep monitoring and analyzing the U.S. market, and are continuing to see unique opportunities for value-add investing.”
For comments, questions or concerns, please contact Dennis Kaiser