Morgan Stanley Pays $68M for Menlo Park Medical Building

Newmark has completed the $68 million sale of a 45,000-square-foot Medical Office Building in Menlo Park, CA. Morgan Stanley purchased the property from Pollock Financial Group, which is fully occupied by Menlo Medical Clinic, a partner with Stanford Health Care.

“321 Middlefield received strong investor interest, displaying resilience within the medical office vertical,” said Newmark’s Steven Golubchik who facilitated the transaction along with the firm’s Edmund Najera, Jonathan Schaefler, Jesse Millman and Darren Hollak. “Despite market turbulence, numerous groups pursued the acquisition of the property given its core location and tenant profile,” added Golubchik in a news release.

The building is within a 10-minute drive from Stanford Hospital, the only Level-A Trauma Center on the San Francisco Peninsula, providing over two million outpatient visits annually. According to the Stanford Health Care website, Menlo Medical Clinic offers primary and specialty care, practicing in nearly two-dozen medical and surgical specialties.