Padma Laxmi LLC Acquires Medical Office, Industrial Portfolio in Southern California for $43.6M
TUSTIN AND SAN DIEGO, CALIF. — Padma Laxmi LLC has purchased a medical office property in Tustin and an industrial facility in San Diego for a total consideration for $43.6 million.
An affiliate of Cress Capital sold the medical office asset located at 2742 Dow Ave. in Tustin. Built in 1979, the two-story property features 51,588 square feet of medical office space. Doctor’s Best, a nutritional supplement company, occupies the entire building under a sublease from Orange County-based MemorialCare. Anthony DeLorenzo, Gary Stache, Bryan Johnson, Todd Tydlaska and Doug Mack of CBRE represented the seller, while Richard Schwartz of Colliers International and Jim DeRegt of Lee & Associates represented the buyer.
Additionally, Padma Laxmi purchased an 85,824-square-foot industrial facility located at 10054 Old Groove Road in San Diego’s Scripps Ranch neighborhood. Manscaped, a start-up online shaving company, will occupy the property, which was vacant at the time of acquisition. Originally built in 1971, the facility was renovated in 2018.
Trevor Damyan of CBRE’s downtown Los Angeles office arranged a $28.3 million, 10-year, fixed-rate loan for the acquisition of both properties on behalf of the buyer.