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September 18, 2018
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LOS ANGELES COUNTY NEWS
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HealthCare Partners Subsidiary Buys San Gabriel Valley Medical Office Building

12/12/17

Genesis KC Development LLC, a subsidiary of HealthCare Partners LLC, purchased a 64k sf, single-tenant medical office building located in the San Gabriel Valley city of Covina. The property was sold by Procto Inc, a group of former Magan Medical Clinic physicians.

The property, located at 420 W Rowland St, is fully-occupied by Magan Medical Clinic. In June 2017, HealthCare Partners, a DaVita Medical Group and division of DaVita Inc, and Magan Medical Clinic, a respected multispecialty medical group in Los Angeles County's San Gabriel Valley, announced that they entered into a definitive agreement by which Magan would join HealthCare Partners. DaVita Inc recently announced it is now selling its physician network arm for $4.9 bil, to Optum, part of UnitedHealth Group.

HealthCare Partners plans to continue to operate out of the property with extensive renovation plans for the facility.

Drew Sanden, Taylor Ing and Scott Maples with NKF represented the seller in the transaction.

“This sale represents the continued consolidation of medical groups within California, who are seeking scale and diversity of practice to remain competitive in changing market conditions” said Sanden. “Additionally, with rising land and labor costs, many groups are choosing to repurpose second generation facilities over completing ground up construction.”






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