Bay Medical Plaza, the 36,000-square-foot medical office building 450 4th Ave., Chula Vista 91910, has been sold for $10.7 million, or $296 per square foot.
The buyer was CHP Bay Medical CA MOB Owner LLC, 450 S. Orange Ave., Orlando, FL 32801. Joshua J. Taube is a senior vice president at CHP. The buyer is a partnership between CNL Healthcare Properties and Cypress West Realty Partners LLC.
The acquisition was financed from a $120 million secured line of credit through Keybank National Association as the agent for the lenders.
The seller of the property (assessor's parcel 568-371-10) was Bay Medical Plaza Investment LLC.
John Smelter, a senior director of Marcus & Millichap's Healthcare Real Estate Group in San Diego, and Ben Tashakorian -- a vice president of investments, who is also in San Diego -- represented the seller.
The four-story medical office property was built in 1985 and renovated in 1999. The property was 97 percent occupied at the time of the sale and sold for a cap rate of 6.8 percent.
Scripps Health and the San Diego State University Research Foundation are the two major tenants, accounting for 53 percent of the building's occupancy. The property is also occupied by a variety of medical tenants.