POWAY, CA—Cushman & Wakefield has completed the sale of Pomerado Professional Plaza located at 15706-15708 Pomerado Road in Poway to Pomerado Plaza Partners, LLC, managed by Milan Capital Management.
The approximately 47,000 square-foot medical office building sits on 4.07 acres and was built in 1982. Home to a variety of medical, dental and professional office tenants, the building is ideally located just off the I-15 freeway, in close proximity to Pomerado Hospital. The property was approximately 55% leased upon sale and the buyer is planning an extensive renovation of the building exterior and common areas to attract new medical and dental tenants. This is the second purchase this year in the San Diego area for Milan Capital who specializes in repositioning office and retail properties. The other purchase was the Northgate-anchored shopping center on 3rd Avenue in Chula Vista.
Travis Ives and Joe Zurek of Cushman & Wakefield represented the seller and procured the buyer directly.
“Pomerado Professional Plaza received multiple offers from local and regional investors who saw the potential to reposition this iconic property and take advantage of the favorable medical office market conditions surrounding Pomerado Hospital,” said Ives, director with Cushman & Wakefield. “The planned improvements to the property will provide at attractive alternative for new and existing tenants in the area. We're pleased to have completed the sale and look forward to advising the buyers on the lease-up.”
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