Premier Class A Medical Office Building in North Oakland Changes Hands
Transwestern Represented Buyer and Seller, Retained for Leasing Services
Transwestern Represented Buyer and Seller, Retained for Leasing Services
OAKLAND, Calif., Dec. 14, 2015 /PRNewswire/ -- Transwestern today announces it represented both parties in the sale of Broadway-Webster Medical Plaza, located at 3300 Webster St. in Oakland, California. Healthcare Realty Trust Incorporated acquired the 99,942-square-foot medical office building for an undisclosed price from a joint venture including ScanlanKemperBard Cos. The new ownership retained Transwestern to continue providing leasing services for the 12-story building.
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Transwestern Senior Vice President Michael Cisternino represented the buyer. Managing Director of Transwestern's East Bay and Silicon Valley operations Edward F. Del Beccaro, Senior Vice President Sonny O'Drobinak and Associate Kyle Snyder represented the sellers and handle leasing.
"The sale of Broadway-Webster Medical Plaza represents a growing trend of healthcare REITs and investors looking to acquire medical office buildings near existing and new hospitals," said Del Beccaro. "With only a few Class A medical office buildings in the Pill Hill Oakland submarket, the seller recognized the need for upgraded Class A medical space with large floorplates to accommodate a variety of users. Once the building was re-tenanted, the stabilized asset drew a significant amount of investor interest, and we were able to quickly identify a buyer and execute an off-market sale."
Within 18 months of winning the initial leasing assignment, Transwestern's Healthcare Advisory Services group rebranded Broadway-Webster Medical Plaza and took the building's vacancy from 30.0 percent to less than 3.0 percent, securing more than 25,000 square feet in leases. The largest transaction during that time was a 13,000-square-foot lease to Samuel Merritt University, an affiliate of Sutter Health, for 10 years. Specific building tenants include Sutter Health, Hill Physicians and Quest Diagnostics Inc.
"We are excited that Healthcare Realty Trust has retained Transwestern to continue leasing this premier building," said O'Drobinak. "We are confident that the first-class tenant roster we secured will further solidify Broadway-Webster Medical Plaza as the top destination for medical occupiers in the Pill Hill Oakland submarket."
Located within the Broadway/Valdez District Specific Plan, the city's redevelopment plan for the Broadway corridor, Broadway-Webster Medical Plaza is adjacent to Sutter Health's 326-bed Alta Bates Summit Medical Center and directly across Interstate 580 from Kaiser Permanente's new 349-bed hospital. It is also across from a 435-unit, mixed-use project with 20,000 square feet of ground-floor retail, that is expected to break ground in first-quarter 2016.
ABOUT TRANSWESTERN
Transwestern is a privately held real estate firm of collaborative entrepreneurs who deliver a higher level of personalized service – the Transwestern Experience. Specializing in Agency Leasing, Management, Tenant Advisory, Capital Markets, Research and Sustainability services, our fully integrated global enterprise adds value for investors, owners and occupiers of all commercial property types. We leverage market insights and operational expertise from members of the Transwestern family of companies specializing in development, real estate investment management and research. Transwestern has 34 U.S. offices and assists clients through more than 180 offices in 37 countries as part of a strategic alliance with BNP Paribas Real Estate. Experience Extraordinary at transwestern.com and @Transwestern. For updates from the Bay Area office, follow @TranswesternSF.
Media Contact:
Katherine Thomas
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SOURCE Transwestern
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