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Our Properties

A look at our portfolio:

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Rowland Plaza
75 Rowland Way
Novato, CA 94945
Rentable Square Feet: 77,374 
Leasing Information & Availability
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Rowland Plaza
88 Rowland Way
Novato, CA 94945
Rentable Square Feet: 68,466 
Leasing Information & Availability
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Foster City Medical Pavilion
1241 East Hillsdale Avenue
Foster City, CA 94404
Rentable Square Feet: 39,992
Leasing Information & Availability
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2700 Ygnacio
2700 Ygnacio Valley Road
Walnut Creek, CA 94598
Rentable Square Feet: 107,970
Leasing Information & Availability

Previous Medical Transactions:

CA Medical Portfolio - San Francisco Bay Area & San Fernando Valley

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Stonestown Medical Building
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Valley Medical Plaza - Building I & II
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Lakeside Medical Building
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Physicians Medical Center
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Fountaingrove Medical Building
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Kaiser Alameda
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Marin Cancer Institute

West Hills MOB – HCA West Hills Hospital Campus

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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

  • Fully stabilized but undermanaged Class B MOB in a severely supply constrained market  and off market purchase from individual owner

  • 8.4%  initial cap rate and $206 per foot (60% of replacement cost), with rents 20%+ below market

  • Located across the street from the West Hills Hospital, which just completed a $60MM renovation

  • Complete full building renovation and roll rents to market

  • Off market relationship driven acquisition

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Capital Initiatives

  • Completed interior, life-safety and wayfinding improvements ($1.2MM)

  • Tenant Improvements ($1.2MM)

  • HVAC & Controls Replacement ($500M)

  • Building exterior improvements ($550M)

  • Entitling new free-standing food court and medical building (over $1.5MM)

  • Maintained 93% occupancy throughout redevelopment

  • 2018 AIA Award Winner

  • Completed HVAC. Lighting and bipolar ionization retrofits.

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Status

  • Sponsor (PCMS principals) sold to HSRE May 2015

  • HSRE Sold to HealthPeak April 2021

  • Property is best leased and highest rent property in the HCA campus

Loker MOB – Los Angeles Medical Office

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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

  • Excellent location poised to take advantage of the hospital and related services

  • Executing common area refurbishment to attract institutional tenants and modern practitioners

  • Executed leases to bring occupancy to 83%

  • Structured earn out will repatriate capital

  • Hold for cash flow or sale

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Capital Initiatives

  • Common Area improvement and wayfinding program ($300M)

  • Tenant and spec suite improvement program ($2.5MM)

  • Sold 2016 – Over 20% IRR and 2x Multiple

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