$11.3 Million Medical Office Building Near Huntington Hospital Sold to Cardiology Group

Foothill Cardiology Medical Group has purchased a medical office building in Pasadena’s Fair Oaks medical corridor for $11,298,000, marking a significant expansion for the San Gabriel Valley cardiovascular group.

The two-story, 20,100-square-foot multi-tenant building, located at 1038-1044 S. Fair Oaks Ave., is located three blocks south of Huntington Hospital. The property, which includes both surface and subterranean parking on a 35,400-square-foot lot, currently houses Acuity Eye Group and Pasadena Advanced Surgery Institute.

Foothill Cardiology Medical Group plans to eventually occupy the entire building, according to NAI Capital Commercial, which brokered the transaction.

“For the buyer, this was an attractive long-term investment in Pasadena’s prime Fair Oaks medical corridor. The building’s medical amenities and proximity to major medical facilities present an outstanding opportunity for Foothill Cardiology Medical Group,” said NAI Capital Commercial broker Rene Soto.

The property sold for $563 per square foot.

NAI Capital Commercial brokers John S. Archibald and Guillermo Olaiz completed the sale, representing the seller, while NAI Capital brokers Rene Soto and Tom Sexton represented Foothill Cardiology Medical Group.

“NAI Capital is seeing strong demand for trophy medical office space in Pasadena, especially for well-positioned properties close to Huntington Hospital,” Archibald said in a statement.