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San Diego MOB Set for Conversion to Office/Medical Condos
Compass Capital Investments has acquired RB Medical Plaza, a two-building, 75,598-square-foot office and medical asset located in San Diego. The property was acquired for $18,250,000, or $241 per square foot.
The new ownership plans to reposition the asset through a condominium conversion strategy. The firm intends to convert the property into 39 individual office/medical condo units and execute a phased sellout over a projected four-year hold period.
“This investment reflects our continued focus on identifying high-quality assets with strong repositioning potential in resilient markets,” said Brett Visintainer, principal of Compass Capital Investments. “San Diego’s medical and professional office demand, combined with the flexibility of a condo sell-off strategy, creates a compelling opportunity for both investors and owner-users.”
Colliers’ Ryan Foley and Myles Martinez have been retained to facilitate the sale of the condo units. Patrick O’Donnell, with Colliers Debt and Structured Finance, coordinated and secured the debt for the deal. CBRE’s Matt Pourcho, Anthony DeLorenzo and Chris Bodnar represented the seller, Bernardo Court MOB LLC.
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- ◦Sale/Acquisition
