Bay Area medical outpatient building trades for $24M

SAN FRANCISCO, Oct. 28, 2025 – JLL Capital Markets announced today that it has completed the $24 million sale of Bon Air Medical Center, a 27,297-square-foot, multi-specialty medical outpatient building in Larkspur, California.

JLL represented the seller, Wareham Development Corporation, in the sale of the property to Anchor Health Properties.

“This was an asset that we had owned for many decades,” said James Goddard, Partner, Wareham Development. “As our portfolio had grown and expanded it had become a geographically isolated project. Now was an opportune time to sell and reinvest the funds into our large format campus locations in the San Francisco East Bay and in the Stanford Research Park in Palo Alto.”

Bon Air Medical Center is located on a 3.61-acre waterfront site at 2 and 18 Bon Air Rd. in Larkspur, offering access to world-class healthcare facilities and some of the Bay Area’s most upscale residential communities. The property is adjacent to the MarinHealth Medical Center, the county’s largest hospital, and offers excellent visibility and access with easy connectivity to Highway 101 and the Larkspur Ferry Terminal.

The two single-story buildings are fully leased to MarinHealth and offer a wide range of services, including cardiovascular medicine, orthopedics, imaging and spinal care.

JLL’s Medical Properties Group, including Senior Managing Directors Evan Kovac, Andrew Milne and John Chun and Senior Directors Matt DiCesare and Anthony Sardo, along with JLL Investment Sales & Advisory team members Senior Director Erik Hanson and Senior Managing Director Rob Hielscher, led the sales efforts on behalf of the seller.

“Bon Air Medical Center offered investors the opportunity to acquire a state-of-the-art medical building at an extremely attractive basis below replacement cost,” said Kovac. “The property has an extremely desirable location in affluent Marin County and an opportunity to align with the dominant healthcare provider in the market.”

“Bon Air Medical Center was a unique opportunity to add a state-of-the-art, fully leased medical facility in a prime Marin County location to our portfolio," said Elliott Sellers, Senior Vice President, Investments & Partner, Anchor Health Properties. "Partnering with MarinHealth, the region’s leading healthcare provider, allows us to strengthen our presence in the San Francisco MSA while supporting our continued commitment to pursuing better healthcare through real estate solutions.”

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.

Wareham Development is a premier developer, owner, and manager of master-planned, life science, research and development campuses across Berkeley, Emeryville, Palo Alto, Richmond, and Marin County. Since 1977, Wareham has built over 5 million square feet of high-end space in more than 45 buildings in campus settings, which are known for award-winning architecture, superior amenities, and exceptional property management, thus serving a diverse tenant base from global corporations to innovative startups.

Anchor Health Properties is a national, full-service healthcare real estate development, management, and investment firm serving investors and health systems. Leveraging our collective experience and resources, our nimble, and thoughtful team of professionals develop and deliver tailored, client-specific solutions to respond to today’s healthcare challenges – thinking outside the “medical office box.” With more than $2B of completed development projects, 9M square feet under management, and $3.2B invested in stabilized healthcare facilities, Anchor continues to create a better healthcare experience for patients and a competitive edge for our clients. Anchor maintains multiple offices nationwide and features more than 100 professionals in its ranks. Healthcare today calls not only for new and more efficient ways of delivering healthcare services, but also a different kind of healthcare real estate company. For more information, please visit: www.anchorhealthproperties.com.