**Two-Tenant Medical/Retail Building Trades in Monterey**
Levin Johnston of Marcus & Millichap has facilitated the acquisition of a two-tenant, 19,102-square-foot medical and retail building located at 2200 Garden Road in Monterey. The deal was executed on behalf of a private investor as part of a 1031 exchange. The purchase price was not disclosed.
The property is fully leased to two long-term tenants: BluePearl Veterinary Hospital and the federal government. BluePearl occupies 15,203 square feet under a 13-year net lease and has invested over $5 million in tenant improvements. The federal government, which has been a tenant since 2015, occupies 3,899 square feet and has completed approximately $1.2 million in improvements.
According to Adam Levin, Executive Managing Director of Levin Johnston, the acquisition presented a strategic opportunity for the buyer. “Acquiring this property offered the new owner significantly more cash flow and potential for appreciation, while eliminating the burdensome management component that was inherent to their previously owned asset,” Levin stated.
This transaction underscores investor interest in stabilized, income-producing properties with strong tenants and long-term leases.
