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12/16/14
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In a recent SoCal medical office building acquisition, La Quinta Medical Center was purchased by a large real estate investment trust that specializes in the healthcare sector. The two-story, 41.6k sf property, located at 47647 Caleo Bay Dr in La Quinta, was sold by Accretive Realty Investment LLC for $25 mil ($601/sf).
The property is situated at the corner with Washington Street, about a mile south of Hwy 111. It was 98 percent occupied when the transaction closed.
Accretive Realty acquired the two-story La Quinta Medical Center as a value-add opportunity in 2007, when it was 25 percent leased. Following strong asset management and leasing programs deployed by Accretive Realty, the property was nearly 100-percent occupied at the time of sale, with a tenant roster that included three clinics affiliated with Desert Regional Medical Center: the Comprehensive Cancer Center, Institute of Clinical Orthopedics and Neurosciences, and La Quinta Imaging.
We’re told the sale price worked out to a capitalization rate of approximately six percent, underscoring the asset’s high quality and excellent location in the fastest-growing portion of the Coachella Valley. Garth Hogan and Todd Perman, CCIM, both executive managing directors with NGKF Global Healthcare Services, represented Accretive Realty in the sale.
The deal marks NGKF Global Healthcare Services' fourth disposition for Accretive Realty in Southern California over the past year, following the sales of three medical office buildings in Orange County that collectively garnered $41.4 mil in separate sales to an unnamed a private equity fund beginning in October 2013.
Accretive Realty’s three other recent medical office sales in the region followed repositioning programs that substantially boosted the value of each property. Those properties, which closed in the fourth quarter of 2013 at mid-to-low five cap rates, included Oceanview Medical Center at 675 Camino de los Mares in San Clemente, for $15.7 mil; Pacific Park Medical Dental, a 21.4k sf at 24541 Pacific Park Drive in Aliso Viejo, for $10.4 mil; and Aliso Viejo Medical Center, a 27.2k sf building at 24502 Pacific Park Drive in Aliso Viejo, for $15.3 mil.
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