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12/04/19
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JFK Medical Plaza, a 28.5k sf medical office property in Bermuda Dunes, CA has sold. MBRE Healthcare, a full-service real estate company, acquired the property from Omni West Group for an undisclosed amount.
Built in 1994, JFK Medical Plaza is a two-story medical office building with 2.04 acres of excess developable land. The property sits in the heart of the Coachella Valley at 41120 Washington St, along the Washington Street corridor with immediate access to the major regional I-10 freeway and retail amenities. It is 77% leased to four quality medical-use tenants with significant regional business and invested infrastructure in the building.
Nico Napolitano, Jeffrey Cole, and Ed Hernandez from Cushman & Wakefield brokered the transaction with Lynn Coker from NAI Capital serving as leasing advisor.
“JFK Medical Plaza offered a newer vintage, professionally maintained medical office asset in a growing Southern California professional and retirement location with stable tenancy as well as tremendous value-add potential,” said Napolitano.
JFK Medical Plaza has been impeccably maintained by current ownership including over $786,000 in capital and entitlement work over the last three years.
The healthcare industry is the second largest employer in the Coachella Valley. Driven by the aging of the American population and improving technology, the healthcare sector continues to grow, with healthcare spending estimated to reach nearly $6.0 tril by 2027, according to Cushman & Wakefield’s Healthcare and Medical Office Report.
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