Allied Pacific Buys Hospital in LA’s Chinatown for $33M
Alhambra-based medical group Allied Pacific IPA purchased the shuttered Pacific Alliance Medical Center—a 90,000-square-foot hospital at 531 West College Street in Chinatown—for $33 million, or nearly $367 per square foot in deal that closed late last week, the Los Angeles Business Journal reported on Tuesday.
Bradford McCarthy, a senior vice president at CBRE Group, represented the seller, La Societe Francaise De Bienfaisance Mutuelle De Los Angeles (better known as the French Society) in the deal. Allied Pacific represented itself, according to a CBRE release from CBRE. Allied did not respond to a request for comment.
Pacific Alliance Medical Center, the only hospital in Chinatown, closed in December 2017 after its board announced the 128-bed, 157-year-old hospital did not meet state seismic requirements and would need $100 million in renovations.
Allied Pacific plans to revamp the building, which sits on 2.5 acres of land, into an urgent-care facility. A reclassified urgent-care facility wouldn’t require a seismic renovation since it would not admit overnight patients.
“This property sits in an incredible location because Chinatown is so central, with great population density,” McCarthy said in prepared remarks. “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.”