Santa Monica Medical Building Sells for $54.7 Million

Montecito Medical has plunked down a cool $54.7 million to purchase a 51,342 square foot outpatient surgery and oncology treatment center located across the street from the UCLA Santa Monica Medical Center.

According to GlobeSt.com, Montecito purchased the premises through credit tenant lease financing with an interest rate of 4.627 percent and the Regents of the University of California have already signed on to lease the space through 2042, the full term of the 29-year loan.

The building was bought from a private developer who originally constructed the building in 2012 for UCLA. It’s one of the nation’s first LEED Gold-certified buildings and boasts eight operating rooms, radiation oncology, an outpatient pharmacy and UCLA medical practices for allergy care, digestive diseases, nephrology and pulmonary and sleep medicine.