Loma Linda University Sells Medical Office to Welltower for $38M
By Greg Cornfield August 7, 2023 3:05 pm
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Welltower (WELL), a healthcare real estate investment trust, has acquired a medical office campus in a sale-leaseback deal with Loma Linda University (LLU) in Southern California.
The company agreed to pay $37.9 million for the 95,590-square-foot property in the Inland Empire, according to data provided by Vizzda. The deal comes out to about $396 per square foot.
The Class A medical office campus is 78 percent leased. LLU, a private health sciences university, built the two buildings in 2008 over 15 acres at 81 Highland Springs Avenue off the 10 Freeway in Beaumont, Calif. The property includes a family medical practice, an imaging center and a pharmacy, as well as other departments such as cardiology, general surgery, neurosurgery and oncology.
Lon Mapes of LDM Commercial represented the seller, with help from CBRE (CBRE)‘s Chris Bodnar and CBRE’s healthcare capital markets team.
Toledo, Ohio-based Welltower did not immediately return a request for comment. The company invests in healthcare assets, and manages senior housing and post-acute communities and outpatient medical properties. During the first half of the year, Welltower completed nearly $700 million of acquisitions and loan funding, per its second quarter earnings report.
Gregory Cornfield can be reached at gcornfield@commercialobserver.com.
UPDATE: This story has been updated to include additional information and details.
