SANTA MONICA, CA-As noted in a Sept. 10, 2013, 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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


© 2023 ALM Global, LLC, All Rights Reserved. Request academic re-use from All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.



Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join now!

  • Free unlimited access to's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including and

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2023 ALM Global, LLC. All Rights Reserved.