Avison Young, a commercial real estate services firm, announced today that it has completed the $10.75-million sale of a 17,632-square-foot (sf) medical-office building in Pasadena, CA in an off-market transaction.

Avison Young Principal Michael Dettling, who is based in the firm’s North Los Angeles office and specializes in healthcare property, represented the buyer, Congress Management Associates. Local physician investors of the company plan to occupy a portion of the building in the future. The seller, 39 Congress Partnership, was represented by Carver Associates. The asset was 95% occupied at the close of escrow.

Built in 1984, the property is located at 39 Congress Street near the major cross streets of W. California Boulevard and S. Fair Oaks Avenue. The building is situated next to the 625-bed Huntington Memorial Hospital.

“The relatively high price of $610 per square foot was paid because the building met several of the buyer’s criteria: hospital adjacency, fee-simple land, upside on the current rents, and the ability to occupy the 95%-leased building due to the expansion capability of adding approximately 8,000 sf to the existing structure,” comments Dettling.