Vukota Real Estate Acquires Foster City Medical Pavilion located in Foster City, California
30 December, 2016
LOS ANGELES, CA, December 30, 2016–Vukota Real Estate, LLC today announced the acquisition of Foster City Medical Pavilion located at 1241 E. Hillsdale Boulevard in Foster City, California. The property is well positioned and in proximity to seven hospitals including Stanford University Medical Center and Kaiser Permanente, and has direct access to three major international airports. Vukota Real Estate closed the purchase in joint venture with Harrison Street Real Estate Capital.
The three-story medical office building consists of approximately 40,000 rentable square feet and is situated on approximately 2.2 acres. Current tenants include Zouves Fertility Clinic, The Pacific Center for Occulofacial and Aesthetic Plastic Surgery, Neuro-IFRAH Center, and More Physical Therapy.
Foster City Medical Pavilion is one of the most prominent buildings in the San Mateo area with excellent visibility, located directly off Highway 92 prior to entering the San Mateo Bridge which over 93,000 cars cross daily. The property was built in 1980 and fully renovated in 2012 including a dramatic “jewel box” lobby structure with a three-story atrium, a roof replacement constructed of four ply minerals, new HVAC system, modern finished common areas, a new gurney elevator, resurfaced parking lot and refreshed landscaping. In addition, the building has 187 parking spaces, 37 of which are located in the subterranean garage.
The market has experienced rising rates and the property presents a strong prospect for large plate university or similarly scaled corporation seeking a well-established location. The latest Emerging Trend study conducted by PricewaterhouseCoopers and the Urban Land Institute show medical office as a direct beneficiary of a steadily aging population. Their study concludes that demand will grow for more physicians, therapist, and hospital related facilities, especially in getaway cities and regions such as San Francisco.