Levin Johnston of Marcus and Millichap directed the acquisition of a two-tenant, 19,102-square-foot medical/retail building at 2200 Garden Rd. in Monterey on behalf of the buyer, a private investor client, as part of a 1031 exchange transaction. The price was not disclosed.
The property is 100% leased to two tenants: Veterinary hospital BluePearl, on a 13-year net lease, and the federal government, which has occupied the building since 2015. BluePearl has invested more than $5 million of its own capital in its 15,203-square-foot space, while the government tenant funded improvements to its 3,899-square-foot space totaling approximately $1.2 million.
This transaction provided the buyer with significant investment upsides, said Adam Levin, executive managing director of Levin Johnston. “Acquiring this property offered the new owner significantly more cash flow and potential for appreciation, while eliminating the burdensome management component that was inherent to their previously owned asset,” he said.
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