Owner Recently Completed Multi-Million Dollar Renovations to Premier 137,000 SF MXU Complex in La Jolla-More Planned
La Jolla CA— Welltower has hired Cushman & Wakefield for the leasing assignment of Regents Medical Center, a newly renovated 137,096-square-foot (sf) mixed-use complex in La Jolla (San Diego), California consisting largely of medical/dental, office and retail space. Travis Ives and Joe Zurek of Cushman & Wakefield’s Healthcare Practice Group in San Diego are leading medical office leasing for the complex.
“It is a great pleasure to be awarded the assignment for this high quality property by the highly respected and experienced ownership of Welltower,” said Mr. Ives, Senior Director. “Demand for medical at this project is primarily driven by its proximity to two major hospital campuses (Scripps and UCSD), an affluent patient base and convenient access to major transportation routes to include the 805 and 5 freeways.”
Welltower recently completed a multi-million dollar renovation to the interior and exterior common areas of the multi-building complex located at 4150 Regents Park Row and 4120-4130 La Jolla Village Dr. The renovations included refreshed hallways, restrooms and ground floor retail seating areas.
Mr. Ives added, “Speculative improvements are also underway on the current vacant spaces which collectively total approximately 33,150 sf, inclusive of a 1,278-sf medical office spec suite that will be completed this month and a full floor opportunity totaling 14,534-sf that would feature building signage visible to over 40,000 passing vehicles per day. Additionally, other available spaces feature existing dental improvements providing a ‘plug & play’ opportunity for a variety of dental specialties, while future project enhancements will also include improvements to wayfinding, signage and parking.”
Some key medical tenants of Regents Medical Center include Children’s Primary Care Medical Group (CPCMG), Imaging Healthcare Specialists (owned by Scripps Health), and Outpatient Surgery Center of La Jolla (owned by Sutter Health). The property also features a handful of notable retailers, including Starbucks.
Per Cushman & Wakefield’s third quarter 2017 Medical Office report, the Mid-City submarket, where Regents Medical Center is located, experienced the bulk of San Diego County’s positive absorption in the third quarter which brought vacancy back down to 7.9% supporting the highest average asking rents in the county at $3.94 per square foot per month full service.
Welltower Inc. (NYSE: HCN), an S&P 500 company headquartered in Toledo, Ohio, is driving the transformation of health care infrastructure. The company invests with leading seniors housing operators, post-acute providers and health systems to fund the real estate infrastructure needed to scale innovative care delivery models and improve people’s wellness and overall health care experience. Welltower™, a real estate investment trust (REIT), owns interests in properties concentrated in major, high-growth markets in the United States, Canada and the United Kingdom, consisting of seniors housing and post-acute communities and outpatient medical properties. More information is available at http://welltower.com/
About Cushman & Wakefield
Cushman & Wakefield is a leading global real estate services firm that helps clients transform the way people work, shop, and live. Our 45,000 employees in more than 70 countries help occupiers and investors optimize the value of their real estate by combining our global perspective and deep local knowledge with an impressive platform of real estate solutions. Cushman & Wakefield is among the largest commercial real estate services firms with revenue of $6 billion across core services of agency leasing, asset services, capital markets, facility services (C&W Services), global occupier services, investment & asset management (DTZ Investors), project & development services, tenant representation, and valuation & advisory. 2017 marks the 100-year anniversary of the Cushman & Wakefield brand. 100 years of taking our clients’ ideas and putting them into action. To learn more, visit www.cushwakecentennial.com, www.cushmanwakefield.com or follow @CushWake on Twitter.