HFF, on behalf of the owner, is pleased to exclusively present to qualified investors the opportunity to acquire the fee simple interest in 3838 California, an 82,805-square-foot, institutional-quality medical office building located in the prestigious Presidio Heights neighborhood within the city of San Francisco. The medical office property for sale represents a fortress risk profile and the first institutional, core, medical office building to be offered for sale in San Francisco in over two decades.
3838 California is one of the largest outpatient facilities in the northwest quadrant of the city and is anchored by Sutter Health (Moody’s: Aa3), the dominant healthcare provider serving the San Francisco Bay Area. Sutter has recently signed a significant lease extension and expansion on the 8th floor and now represents 38 percent of the in-place tenancy with a weighted average lease term of over seven years.
Several value enhancement opportunities exist, including optimizing the parking structure revenue; leasing 13,117 square feet of remaining vacant space; and marking-to-market 12,605 square feet of space expiring during the first 16 months of ownership with rents approximately 36 percent below market, to list a few. The medical office building benefits from the unrivaled surrounding demographics and exceptional physical and economic barriers to entry, resulting in what is truly an irreplaceable location.
For more information on this medical office property for sale or other healthcare properties on the market, please contact Evan Kovac, Andrew Milne, Trent Jemmett or David Dokko. To view HFF’s current real estate investment listings, please click here to be directed to HFF’s property search page.
Holliday GP Corp. ("HFF") is a real estate broker licensed with the California Department of Real Estate, License Number 01385740.