Broadway-Webster Medical Plaza, a class A medical office building in 3300 Webster St. in Oakland, California, was purchased by the joint venture of Realty Trust Incorporated and ScanlanKemperBard Cos for an undisclosed price.
Transwestern, a privately held real estate firm of collaborative entrepreneurs that specializes in Agency Leasing, Management, Tenant Advisory, Capital Markets, Research and Sustainability services, represented both the seller and the buyer in the transaction.
"The sale of Broadway-Webster Medical Plaza represents a growing trend of healthcare REITs and investors looking to acquire medical office buildings near existing and new hospitals," said Edward F. Del Beccaro, Managing Director of Transwestern's East Bay and Silicon Valley operations. "With only a few Class A medical office buildings in the Pill Hill Oakland submarket, the seller recognized the need for upgraded Class A medical space with large floorplates to accommodate a variety of users. Once the building was re-tenanted, the stabilized asset drew a significant amount of investor interest, and we were able to quickly identify a buyer and execute an off-market sale."
Del Beccaro together with Senior Vice President, Sonny O'Drobinak and Associate Kyle Snyder, represented the sellers and handled the leasing, while Transwestern Senior Vice President, Michael Cisternino, represented the buyer.
According to their press release in PR Newswire, Broadway-Webster Medical Plaza is located within the Broadway/Valdez District Specific Plan, the city's redevelopment plan for the Broadway corridor. The class A medical office building is adjacent to Sutter Health's 326-bed Alta Bates Summit Medical Center and directly across Interstate 580 from Kaiser Permanente's new 349-bed hospital.
Transwestern will still be in-charge of providing leasing services for the 12-story building.
"We are excited that Healthcare Realty Trust has retained Transwestern to continue leasing this premier building," said O'Drobinak. "We are confident that the first-class tenant roster we secured will further solidify Broadway-Webster Medical Plaza as the top destination for medical occupiers in the Pill Hill Oakland submarket."
