Vukota Real Estate Acquires Fountaingrove Medical Building Located In Santa Rosa, California
15 June, 2017
LOS ANGELES, CA, June 15, 2017 – Vukota Real Estate, LLC today announced the acquisition of Fountaingrove Medical Building located at 3565 Mendocino Avenue in Santa Rosa, California. The property is well positioned and in proximity to three local hospitals – Kaiser Permanente Santa Rosa Medical Center, Sutter Health Santa Rosa Regional Hospital, and Santa Rosa Memorial Hospital (St. Joseph). Vukota Real Estate closed the purchase as part of a targeted joint venture with Harrison Street Real Estate Capital.
The three-story medical office consists of approximately 42,000 rentable square feet and is situated on approximately 3.08 acres. The property features a strong and diversified mix of medical practitioners ranging from primary care and internal medicine to ophthalmology and cardiology. Current tenants include Northern California Medical Associates, Radnet Imaging, Santa Rosa Memorial Hospital, and NorthBay Vitreoretinal.
Fountaingrove Medical Building is a Class A medical office property located along Santa Rosa’s highly accessible Mendocino Avenue, directly across the street from the Kaiser Permanente Santa Rosa Medical Center. The property offers abundant parking at a 5.31 per 1,000 ratio as well as dramatic entryways and hallways that feature interior landscaping and water features. The property benefits from its upscale location in the highly desirable Fountaingrove area that commands some of the highest rental rates in the market as well as its proximity and immediate access to Highways 101 and 12, public transportation, and abundance of nearby amenities.
The market has experienced rising rates and the property will be managed to present excellent larger floor plate opportunities for corporate, foundations, or other practice groups of scale seeking a well-established location. The latest Emerging Trend study conducted by PricewaterhouseCoopers and the Urban Land Institute shows 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.