**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, California. The purchase was made by a private investor client as part of a 1031 exchange. The transaction price was not disclosed.
The property is fully leased to two long-term tenants: BluePearl Veterinary Hospital, operating under a 13-year net lease, occupies 15,203 square feet and has invested more than $5 million in upgrades to the space. The second tenant, a federal government agency, has been in residence since 2015 and occupies 3,899 square feet. The government-funded improvements to its section totaled approximately $1.2 million.
“This acquisition provides the buyer with significant investment upside,” said Adam Levin, Executive Managing Director at Levin Johnston. “The new owner gains enhanced cash flow potential and property appreciation, all while eliminating the intensive management responsibilities that came with their previous asset.”
