|Last Updated Date||20 Jul 2020|
4th & Lewis is a fee-simple outpatient medical building, fully leased with an absolute net structure to The Regents of the University of California (Moody’s: Aa2), one of the premier healthcare systems in the entire country. The Property represents a rare opportunity to acquire a core-profile campus-adjacent MOB located between two of the leading hospitals within the San Diego MSA, which has historically been a thinly traded market for institutional medical office buildings. The single-tenant, absolute triple-net lease provides consistent cash yields. 4th & Lewis features an 89-stall subterranean parking garage, resulting in a rare parking ratio of 4.0 per 1,000 in an extremely parking constrained submarket. Checking all the boxes for core medical office, 4th & Lewis is one of the most coveted investor-owned medical office buildings in Southern California.
- Jones Lang LaSalle (“JLL”) is pleased to present to qualified investors the opportunity to acquire the fee-simple interest in 4th & Lewis (“Property”), a Class A, four-story, 22,461 square-foot medical office building located in the city of San Diego, California. Located at 330 Lewis Street, 4th & Lewis borders the campus of the 482-bed Scripps Mercy Hospital and sits just a few blocks away from the 390-bed UCSD Medical Center campus, in the heart of the affluent Hillcrest submarket.
- The building includes an 89-stall subterranean parking garage, providing ample free parking at a ratio of 4.0 per 1,000 rentable square feet, a rare amenity in this high-density submarket. Since 1993, 4th & Lewis has been 100% leased to The Regents of the University of California – University of California San Diego Health (Moody’s: Aa2) on an absolute triple-net lease, offering a variety of services at this location including primary care, family medicine, radiology, mammography, laboratory, and internal medicine. 4th & Lewis remains a strategic location for UCSD as its nearby Hillcrest Medical Center is currently preparing for a $2 billion dollar six-phase redevelopment project. Scripps Mercy Hospital is undergoing a massive expansion and redevelopment of its own with plans for a new 710,000 SF acute care tower and recently broke ground on a $59 million MD Anderson Cancer Center. The Property offers a unique opportunity to acquire what is effectively an on-campus medical office building in one of San Diego’s strongest medical submarkets anchored by one of the leading health systems in the country.