DALY CITY, CA—CBRE has arranged the dispositionof 901 Campus Drive in Daly City, on behalf ofSerramonte Ridge Medical Center Enterprises.Swift Realty Partners purchased for an undisclosedprice. This transaction represents the second medical officebuilding CBRE has sold, and assisted with financing, to SwiftRealty Partners in 2014. In May of this year, CBRE sold TheFoster City Medical Pavilion to the same buyer.

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CBRE's Seth McKinnon, Bruce Paris andSimon Clark worked with ChrisBodnar of CBRE's national healthcare capital markets groupto complete the sale, while Michael Walker andJames Korinek of CBRE's debt and structuredfinance team assisted with financing. The 75,559 square-footbuilding was listed in the fourth quarter of 2012 and was 95%occupied at the time of sale. Despite a high level of interest, thetransaction took some time to finalize.

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“The seller allowed a longer than usual escrow period, whichallowed the buyer to amend the long-term ground lease, renew threeexpiring leases, and execute a significant lease with Palo AltoMedical Foundation,” explained Seth McKinnon, vice president, CBRE.“Both groups worked extremely well together, ensuring a smooth andequitable transition of ownership.”

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The sellers, Serramonte Ridge Medical CenterEnterprises, developed the property in1989 and have since occupied the majority of thepremises. The building at 901 Campus is one of onlytwo class A, off-site, purpose-built medical officebuildings in Northern San Mateo County. SwiftRealty Partners has plans to significantly enhance the buildingthrough cosmetic and capital improvements. The building housesphysicians from eight Bay Area hospitals and has a significantpatient entrapment area extending south through the San FranciscoPeninsula and as far north as the outer avenues of SanFrancisco.

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David Phillips

David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.