Montecito Tops Milestone With $54M Buy

SANTA MONICA, CA-As noted in a Sept. 10, 2013, GlobeSt.com article, Santa Barbara, CA-based Montecito Medical Investment Co. recently acquired the UCLA Outpatient Surgery and Oncology Center in Santa Monica, Calif., for $54.57 million. The article also noted that the 51,342-square-foot medical office building at 1223 16th St., across the street from the recently rebuilt, 302-bed UCLA Medical Center, traded for “a very high dollar-per-square-foot number.”

High indeed. As news of the sale has buzzed through the healthcare real estate marketplace, veteran healthcare real estate professionals are marveling at the price, which works out to $1,063 per square foot. The off-market transaction represents the first time a medical office building outside of the New York market has sold for more than $1,000 per square foot, according to the broker, Eric Tompkins, a vice president with CBRE Healthcare Services Group in San Diego.