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2/13/19
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Global Medical REIT paid $17.2 mil for Corona Main Medical Plaza, a 41.8k sf ($411/sf) medical office building in Corona. Constructed in 2009, Corona Medical Plaza is 100% leased and is located at 2250 S Main St, in the heart of Corona’s medical office corridor.
Corona Main Medical Plaza is a Class A medical office building on 2.68 acres within a well-designed, garden-style environment with ample 5.02/1,000 SF parking. The property is ideally situated less than one mile from a 238-bed hospital network, and has good access to the 91, 15 and 215 freeways. Additionally, the property is surrounded by a variety of retail establishments and residential communities, taking advantage of an emerging trend in healthcare as patients favor convenience and easy access to their care centers.
At the time of the sale the building was 100% occupied. Tenants include eight established medical, lab and imaging practices under a master lease held by Citrus Valley Medical Associates.
John Bosko and Bob Bush with NAI Capital represented the sellers, RSS Moscoso LLC and Circle City Medical Properties, LLC. The building traded at a 6.65% cap rate.
John said, “Our client took advantage of strong market conditions to sell a solid asset. The sale is indicative of the high demand of medical office space in the Inland Empire where the population is continuing to grow.”
“The seller also traded their equity in operating units of GMRE in an UPREIT in lieu of doing a traditional 1031 exchange, which provided our client an attractive tax deferred exit strategy.” Bob added.
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