CBRE Arranges Sale and Financing of Medical Building in Marin County

CBRE facilitated the sale of Rowland Medical Plaza, an 81,410 sq. ft. medical outpatient building (MOB) located in Novato, California, and secured financing for the buyer, Los Angeles-based Stockdale Capital Partners.

Chris Bodnar, Brannan Knott, Cole Reethof and Trent Jemmett of CBRE U.S. Healthcare Capital Markets partnered with Kyle Kovac and Mike Taquino of CBRE’s Bay Area Capital Markets and Trask Leonard of Bayside Realty Partners to act as the exclusive advisors to the seller. Zack Holderman and Jesse Greshin of CBRE’s Healthcare Debt and Structured Finance team secured the financing for the purchaser.

“This is a highly strategic outpatient facility for the anchor tenant, MarinHealth, who has made significant investments and a long-term commitment to this location,” said Chris Bodnar, a Vice Chairman with CBRE. "Healthcare investors continue to gravitate toward the resiliency and growth of the healthcare real estate sector as demonstrated by this transaction.”

Rowland Medical Plaza is a fully leased, Class A MOB located adjacent to Sutter Health’s 47-bed Novato Community Hospital. The hospital operates a 24-hour emergency department, inpatient/outpatient surgery and critical care unit. Driven by extensive major exterior, interior, and common area upgrades, MarinHealth (Marin Healthcare District - Moody’s: Aa2 / Marin General Hospital - Fitch: BBB) has made Rowland Medical Plaza its largest outpatient location. The asset offers 11.8 years of weighted average lease term with committed anchor tenants.

“This project and relationship with MarinHealth is the hard earned product of long term partnerships in which we have successfully partnered with key healthcare providers to reposition underutilized and underperforming assets over time,” said Paul Slye, CEO and Founder of Pinnacle Capital Management Services. “The end result is more robust community services and productive investments. It has been a carefully constructed and executed team effort by all parties, including our tenants and their able representatives, our committed and capable institutional partners, and team CBRE.”

The purchaser, Stockdale Capital Partners, acquired the asset with its open-ended, discretionary healthcare fund. Stockdale is a vertically integrated real estate investment firm headquartered in Los Angeles, CA with a 30-year history of investing in commercial real estate across multiple asset classes throughout the Western U.S. The firm currently has approximately $2.8 billion in gross assets under management.

In 2025, demand for healthcare real estate will come mainly from an aging U.S. population, growing healthcare spending, and transformative technologies, according to CBRE Research. MOBs are well-positioned to benefit from these trends and the evolving consumer preference for accessing healthcare in more convenient locations.