16950 Via Tazon
San Diego, CA 92127
UCSD Health | Single-Tenant Medical Office · Office Property For Sale
PROPERTY FACTS
AMENITIES
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ABOUT 16950 VIA TAZON , SAN DIEGO, CA 92127
UC San Diego Health (UCSD Health) is a single-tenant medical office building, situated in an excellent location within the San Diego submarket of Rancho Bernardo. This new location for UCSD Health expands the tenant’s coverage into the communities of Rancho Bernardo and surrounding areas of Black Mountain Ranch, Poway, Rancho Penasquitos, Carmel Mountain Ranch, 4S Ranch, and Sabre Springs, providing medical and surgical offices, urgent care, medicine, and physical therapy. The subject property has a new, long-term lease in place with The Regents of the University of California, which maintains an investment-grade credit rating of Aa2 from Moody’s Investors Service. Lease commencement is September 2018, following completion of extensive capital and tenant improvements which were designed and built to accommodate the specific needs of UCSD Health, totaling approximately $4.5 million. The lease provides for annual increases of 3%, providing attractive income growth throughout the term. UCSD Health benefits from a central location in Rancho Bernardo with exceptional access to surrounding areas, with immediate proximity to Interstate 15. The property is surrounded by major national tenants, including Northrop Grumman, General Atomics, Sony, Broadcom, Petco (national headquarters), BAE Systems, Hewlett-Packard, Kaiser Permanente, Teradata, Orbital ATK, and more. This facility was originally constructed in 2000 as a build-to-suit medical office for Sharp Rees-Stealy, which occupied the location for 17 years before relocating in order to accommodate a major expansion. During the short period of time between Sharp vacating the facility and the new lease being signed by UCSD Health, approvals were obtained to construct an additional 54,848 square foot office building on site with a 497-space parking garage. This development capability provides an opportunity for significant future value enhancement in the event that UCSD Health ever vacates the property.
PROPERTY TAXES
Parcel Number | 678-200-13 | Improvements Assessment | $9,513,867 |
Land Assessment | $2,780,094 | Total Assessment | $12,293,961 |
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Listing ID: 13264010
Date on Market: 7/23/2018
Last Updated:
Address: 16950 Via Tazon, San Diego, CA 92127
The Office Property at 16950 Via Tazon, San Diego, CA 92127 is no longer being advertised on LoopNet.com. Contact the broker for information on availability.