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March 25, 2019
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Medical Group Spends $33 Mil on Hospital Property in L.A.’s Chinatown


Allied Pacific IPA bought a 90k sf hospital in Los Angeles’ Chinatown area for $33 mil ($367/sf). The medical group buyer plans on renovating the building, situated on 2.5 acres at 531 West College St, into an urgent care facility.

The property currently holds a hospital. Allied Pacific, a Health Maintenance Organization (HMO) that contracts with major health plans, physicians, hospitals, and local healthcare providers, plans to revamp the existing structure.

CBRE’s Bradford McCarthy represented the seller, the French Society, in the transaction. Allied Pacific IPA represented itself.

“This property sits in an incredible location because Chinatown is so central, with great population density,” said McCarthy. “The Chinatown neighborhood continues to transform in a very positive manner, and has become a highly walkable community with a variety of choices for residents and businesses. This positive trend will only continue.”

Chinatown has evolved into a hub for restaurants, art galleries and shops as well as a popular residential neighborhood. The area is well served by transit and is in proximity to Union Station. It has experienced an influx of economic diversity that has buoyed its broader appeal over the past years.

Health services is one of the only major United States employment sectors that has grown every year, according to CBRE research. Demand for medical facilities has been on the rise. Private investors, 1030-exchange and foreign buyers have been driving the market and paying premiums for such properties.

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