When Blue Shield of California sold the Ridge at Town Center West in El Dorado Hills, which it had also fully occupied, it created a leasing opportunity that was quickly taken by the growing non-profit Marshall Medical Center of Placerville, which leased nearly 50,000 square feet at the El Dorado Hills complex to address its regional expansion needs.
The two-story, four-building office building was previously owned was sold last August by Blue Shield of California Life and Health Insurance to ProEquity Asset Management and Miami-based Solaris Capital.
Marshall Medical Center, a nonprofit regional community healthcare provider, is under contract to purchase the building that will house family practice, orthopedics, cardiology, laboratory and physical therapy services, among others.
In addition, El Dorado Hills-based PATRA, an insurance outsourcing processing firm, agreed to occupy one full floor of the building. The two leases brought total occupancy at the four-building, 246,000-square-foot campus to 90%.
Considering the size of the leasing void left by Blue Shield, and swiftness to find a new tenant that would also fully occupy the property has earned it CoStar's Impact Award for Lease of the Year for the Sacramento region.
Marshall Medical is expecting to move in at the beginning of 2024.
About the project: The two-story, four-building office complex offers nearly 50,000 square feet, had previously been owned and occupied by health insurance Blue Shield of California, which executed a sale-leaseback of The Ridge at Town Center West to ProEquity Asset Management and Miami-based Solaris Capital.
What the Judges said: "As the largest medical office building addition to the area, this lease presents an opportunity for growth in the health services market - an urgent need throughout the Sacramento region," said Mark Rutheiser, Executive Director of Real Estate Services, University of California at Davis.
They Made it Happen: Tom Conwell, Managing Director, Newmark, represented Marshall Medical Center. PATRA was represented by Tom Walcott and Jason Rutherford of Colliers. ProEquity Asset Management was represented by Michael Stassi and Daniel Baker of JLL in lease negotiations with both tenants.
