American Realty Capital Healthcare Trust II Inc. has acquired a 34,047-square-foot, medical office building directly adjacent to Santa Rosa Memorial Hospital in Santa Rosa, CA. Holliday Fenoglio Fowler L.P. sold the property on behalf of Sotoyome Medical Building LLC for an undisclosed sum, according to a GlobeSt.com report. The Press Democrat reported in November 2014 that the building was part of a $30 million portfolio being put up for sale, after Newmark Grubb Knight Frank was hired to market the properties. Terms of the ARC deal were not disclosed.
"St. Joseph's outpatient center generated tremendous investment demand from a broad spectrum of capital providers including healthcare REITs, institutional funds and high net worth private investors," said HFF managing director, Evan Kovac. "The facility is highly specialized and provides critical services such as radiology, mammography and imaging. In fact, the property houses the only PET CT in the North Bay Area. The immediate proximity to Santa Rosa Memorial Hospital, which is part of the prestigious St. Joseph Health System, was viewed extremely favorably by the investment community. Additionally, the North Bay Area location and in particular, the affluent and desirable wine country region were viewed as major intrinsic benefits. As most of us know, the medical office marketplace as a whole is incredibly robust with record level pricing."
121 Sotoyome Street has 34,047 square feet of building space on 128,938 square feet of land zoned for commercial office space. It is leased to St. Joseph through 2019 and is being utilized for outpatient multi- specialty and radiology services. Originally built in 1955, the property has been consistently updated throughout the years with more than $5 million in improvements made since 2005.
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