Avison Young, the world’s fastest-growing commercial real estate services firm, announced that it has negotiated a 10-year, 33,000-square-foot (sf) medical office lease with the University of Southern California (USC) on behalf of the building’s owners in Arcadia, CA.
The two newly constructed buildings are located at 125 West Huntington Drive, and this lease brings the 40,000-sf property to full occupancy.
Robert Ip, a Vice-President, and Principals Michael Dettling and Andrew Berk, who are all based in Avison Young’s North Los Angeles office, represented the landlord, VG Property Investments, LLC, which completed development of the property in mid-2016. The tenant, represented by Rocky Binswanger and David Freitag of CBRE, will use the space as an oncology infusion center and for general medical purposes.
The three-story property features ample free parking at an adjacent 200-car, three-story parking structure. The asset also overlooks the Santa Anita Racetrack, features views of the San Gabriel Mountains, is located just off the 210 freeway and is near public transportation and Arcadia’s Gold Line Metro Station. Westfield Santa Anita Shopping Center and Arcadia Methodist Hospital are also proximate to the property.
“It is very challenging for users to find large, contiguous medical space like this within the greater L.A. area,” comments Dettling. “Understanding the demand from institutional medical users, our team was confident in our ability to lease the medical space. Our client built this asset as a speculative development and was very patient in selecting the right strategic anchor tenant to occupy the majority of the space. Ultimately, this lease was an ideal fit for the owners, the tenant, and the surrounding community.”
Ip adds: “These USC medical offices will be great additions to the city of Arcadia and further solidify USC’s healthcare presence in the San Gabriel Valley. The tenant will soon be undergoing extensive interior improvements to its space and plans to be ready for occupancy in early 2019.”