Healthcare Realty has bought the West Valley Medical Portfolio, comprising 162,554 sq. ft throughout three medical workplace buildings in West Hills, Calif. College of California acquired the belongings on behalf of UCLA Well being, based on public data.
CBRE organized the transaction on behalf of the vendor. On the time of sale, the portfolio was 94.1 p.c leased, with tenants together with UCLA Well being, Optum, Metropolis of Hope, LabCorp and Windfall Well being & Companies.
The services are positioned at 7301, 7325 and 7345 Medical Heart Drive, inside strolling distance of downtown West Hills. Downtown Los Angeles is inside 29 miles. Different medical suppliers within the space embrace West Hills Smiles and Kaiser Permanente Woodland Hills Medical Heart.
READ ALSO: Challenges Create Alternatives, Says MOB Investor
The properties are additionally adjoining to UCLA West Valley Medical Heart, which UCLA Well being acquired in March of 2024. That hospital is about 21 miles northwest of UCLA’s most important campus in Westwood and contains 260 beds with seven working rooms.
The 62,369-square-foot facility at 7345 Medical Heart Drive, accomplished in 1985, rises six tales and went by way of beauty renovations in 2010. Dubbed Oak Hills Medical Plaza, the mid-rise has first-floor retail area, with floorplates averaging 10,536 sq. ft.
The constructing at 7325 Medical Heart Drive, generally known as Park Hill Medical Plaza spans 43,000 sq. ft and was accomplished in 1991. The power has two passenger elevators and greater than 180 parking areas.
CBRE Vice Chair Chris Bodnar, Govt Vice President Brannan Knott, Senior Vice President Zack Holderman, Senior Director Trent Jemmett, Vice Presidents Cole Reethof and Jesse Greshin, together with First Vice Presidents Angie Weber and Dana Nialis organized the sale.
MOB sector continues to develop
The medical workplace actual property market is increasing, with a Savills report predicting a 26 p.c improve in outpatient demand over the following 10 years. This rise is basically attributed to the growing older inhabitants, regardless of present financial uncertainties impacting the business actual property sector.
Wanting forward, decrease rates of interest are anticipated to gasoline medical workplace constructing investments. Nonetheless, the medical labor market is struggling to maintain up with the enlargement, dealing with a notable scarcity of specialists, notably physicians and nursing employees.
