82.1 F
San Fernando
Sunday, May 26, 2024

New Life Given to Medical Facility at Victory and Tampa

Decron Properties Corp. has given a much needed face-lift to the Victory-Tampa Medical Square at 19231 Victory Blvd. in Reseda. The company recently completed a $10 million renovation of the five-story, 68,612 square foot, free-standing medical building with surface parking. Decron invested the capital needed to transform the medical facility, originally built in 1966, into a modern, mixed-use complex with a new Walgreens drug store, restaurant component, and new parking structure along with medical offices. The development, situated on 3.5 acres of land, is in close proximity to the Valley’s three major hospitals. The company chose to make it a mixed-use facility in order to increase its appeal and usefulness for patients and doctors, said Decron CEO, David Nagel. Rather than building new, the company is adding value to an existing landmark in anticipation of generating a higher return on investment down the road, he added. How did Decron pull it off in this economy? The company is lowly leveraged and has the ability to be flexible on leasing and timing of such a project, said Nagel. The benefit of doing a medical space is doctors tend to be relatively stable tenants, said Scott Silverstein of Lee & Associates, which is marketing the property. Doctors often require substantial build-outs, don’t move very often, and are willing to sign longer-term leases with higher lease rates, he said. However, the company is also signing shorter-term leases.

Featured Articles

Related Articles