ENCINO, CA—The medical office market in Encinois experiencing an uptick in demand. Recently, NAICapital SVP Jeremy Barbakow closed sevenmedical office lease transactions in the market totaling more than20,000 square feet, GlobeSt.com reports exclusively. According toBarbakow, the Affordable Care Act and the improvedeconomy are driving the demand for medical office space.

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“Since the beginning of 2014, there has been a significantincrease in the demand for medical office space in theEncino/Tarzana market,” Barbakow tells GlobeSt.com. “Now thatObamacare is active and the economy has improved,doctors have a clearer vision of the future and now have theconfidence to open new locations, expand their practices and thewillingness to commit to signing long term leases."

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Three of the seven leases were signed at Rubio PlazaEast, which is located at located at 16542 Ventura Blvd.,in Encino, CA. Cardiovascular Consultants singedthe largest lease for a 5,815-square-foot space, whileArkady Kagan M.D. signed a 3,047-square-foot leaseand Mansouri and Curtin Inc. signed a2,440-square-foot lease. Barbakow represented the landlord,Diamond Capital Group, in all three transactions,as well as Arkady Kagan M.D. CBRE representedCardiovascular Consultants and Gold Leaf Grouprepresented Mansouri and Curtin Inc.

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The remaining four leases are also located along Ventura Blvd.Balanced Group Acupuncture signed a945-square-foot lease with Packford Properties atthe Encino Town Center, located at 17200 VenturaBlvd. B.A.S.E. Training & Physical Therapysigned a 2,096-square-foot lease with PackfordProperties at Plaza del Oro, located at17207-4 Ventura Blvd. Encino Surgical Center LLCsigned a 5,000-square-foot lease with Peppertree CapitalLP at 16260 Ventura Blvd, Ste. 800. B.H. SkinInc. signed a 1,561-square-foot lease with HCP MOPCalifornia at 5400 Balboa Blvd. Barbakow represented thelandlords Packford Properties and Peppertree Capital LP and tenantB.H. Skin Inc. Keller Williams Studio Cityrepresented Balanced Group Acupuncture; Told PropertiesInc. represented B.A.S.E. Training & Physical Therapyand CBRE represented HCP MOP California, a healthcareREIT that recently bumped its credit facility to $2 billion. The sevenleases have a total value of approximately $5.7 million.

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“The Encino/Tarzana market has been and continues to be a verydesirable location for many doctors because of its close proximityto Providence Tarzana Medical Center andEncino Hospital Medical Center, both prominenthospitals and medical facilities in the San Fernando Valley,” saysBarbakow. “With the increased demand in this market, new medicalbuilding projects are now under development, including 18131/18555Ventura Blvd., and the owners of existing medical properties haveelected to improve their properties by renovating the commonareas.”

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Kelsi Maree Borland

Kelsi Maree Borland is a freelance journalist and magazine writer based in Los Angeles, California. For more than 5 years, she has extensively reported on the commercial real estate industry, covering major deals across all commercial asset classes, investment strategy and capital markets trends, market commentary, economic trends and new technologies disrupting and revolutionizing the industry. Her work appears daily on GlobeSt.com and regularly in Real Estate Forum Magazine. As a magazine writer, she covers lifestyle and travel trends. Her work has appeared in Angeleno, Los Angeles Magazine, Travel and Leisure and more.