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SANTA ANA, CA-Locally based development firm Urban West has completed its Bressi Ranch Medical Plaza with 90% of the units sold at the finish of construction. The project is a two-story, 20,000-square-foot medical office building of for-sale units located at 6221 Metropolitan St. in South Carlsbad.

Urban West describes the development as the only medical office condo project in South Carlsbad offering ownership versus leasing. The 90% sales figure, with only one units remaining, “has outperformed the San Diego market,” observes David DiRienzo, president of Urban West.

DiRienzo attributes the success to a combination of the building design, its location fronting El Camino Real adjacent to the new Tri-City Wellness Center, and a pent-up demand for medical space in South Carlsbad. He notes that the Carlsbad medical office market has an 8% vacancy and has no new projects under construction. Carlsbad medical office buildings have commanded the highest sale and lease values in the county, with units selling in the range of $500 per square foot and lease rates at $3.30 to 3.45 per square foot per month, triple-net.

Aric Starck of Grubb & Ellis

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