Our Properties
A look at our portfolio:
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Rowland Plaza
75 Rowland Way
Novato, CA 94945
Rentable Square Feet: 77,374
Rowland Plaza
88 Rowland Way
Novato, CA 94945
Rentable Square Feet: 68,466
Foster City Medical Pavilion
1241 East Hillsdale Avenue
Foster City, CA 94404
Rentable Square Feet: 39,992
2700 Ygnacio
2700 Ygnacio Valley Road
Walnut Creek, CA 94598
Rentable Square Feet: 107,970
Previous Transactions:
CA Medical Portfolio - San Francisco Bay Area & San Fernando Valley
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Stonestown Medical Building
Valley Medical Plaza - Building I & II
Lakeside Medical Building
Physicians Medical Center
Fountaingrove Medical Building
Kaiser Alameda
Marin Cancer Institute
West Hills MOB – HCA West Hills Hospital Campus
In an off-market transaction, PCMS acquired Community Medical Center (CMC), a five-story 54,000 SF Class B MOB located on the West Hills Hospital campus.
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Investment Thesis
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Fully stabilized but undermanaged Class B MOB in a severely supply constrained market and off market purchase from individual owner
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8.4% initial cap rate and $206 per foot (60% of replacement cost), with rents 20%+ below market
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Located across the street from the West Hills Hospital, which just completed a $60MM renovation
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Complete full building renovation and roll rents to market
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Off market relationship driven acquisition
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Capital Initiatives
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Completed interior, life-safety and wayfinding improvements ($1.2MM)
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Tenant Improvements ($1.2MM)
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HVAC & Controls Replacement ($500M)
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Building exterior improvements ($550M)
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Entitling new free-standing food court and medical building (over $1.5MM)
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Maintained 93% occupancy throughout redevelopment
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2018 AIA Award Winner
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Completed HVAC. Lighting and bipolar ionization retrofits.
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Status
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Sponsor (PCMS principals) sold to HSRE May 2015
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HSRE Sold to HealthPeak April 2021
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Property is best leased and highest rent property in the HCA campus
Loker MOB – Los Angeles Medical Office
In an off-market transaction, PCMS acquired Loker Medical Pavilion, a 61,000 SF medical office building on the California Hospital Medical Center Campus in Downtown Los Angeles (South Park). The 4-story property was constructed in 2010 and is located adjacent to new multifamily housing and mass transit lines. The Property was delivered 37% vacant and in grey shell finish; allowing for significant leasing upside. Additionally, the Property is anchored by Dignity Health, which is the largest owner of hospitals in CA and the 5th largest nationally, while also having a credit rated by S&P and Fitch.
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Investment Thesis
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Excellent location poised to take advantage of the hospital and related services
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Executing common area refurbishment to attract institutional tenants and modern practitioners
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Executed leases to bring occupancy to 83%
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Structured earn out will repatriate capital
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Hold for cash flow or sale
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Capital Initiatives
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Common Area improvement and wayfinding program ($300M)
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Tenant and spec suite improvement program ($2.5MM)
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Sold 2016 – Over 20% IRR and 2x Multiple
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360 Acoma Apartments – Denver Multi-Family
360 Acoma is a five-story, multi-family project located in the Baker Neighborhood within the urban core of Denver, Colorado. The 171-unit property is located adjacent the Denver Health Medical Center - a major teaching hospital - supporting physicians, technicians, nursing and administrative staff of the facility. The project's location benefits from walkability to various shopping and entertainment hubs alongside easy access to mass transit lines.
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Investment Thesis
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Excellent location poised to take advantage of the adjacent medical campus and related service amenities
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Executed investment strategy of impactfully aligning the urban core's major employers to potential workforce housing
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Designed in collaboration with full-service international architectural firm, gkkworks, inclusive of studio, one bedroom and two-bedroom units
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Capital Initiatives
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Assemblage, entitlement and development of the site and project
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Sold to Lennar
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