Harrison Street Real Estate Capital and Pinnacle Capital Management Services entered into a joint venture to acquire San Francisco-based Physicians Medical Center from Swift Real Estate Partners for $30 million, Commercial Property Executive reports.
Here's what you should know:
1. The joint venture used a $25 million floating-rate loan to finance the purchase.
2. The medical office building was last sold in 2014, when Swift purchased it from Doctors Development Corp.
3. Palo Alto Medical Foundation and San Francisco-based Campus Surgery Center anchor the building.
4. Pinnacle Capital CEO Paul Slye said, "Physicians Medical Center joins our growing portfolio of managed and joint venture investments with Harrison Street Real Estate Capital. The fundamental strengths of this location and property will be enhanced as we continue to improve the property and strengthen its institutional grade tenant base."