Loma Linda University Sells Medical Office to Welltower for $38M
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.
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 firstname.lastname@example.org.
UPDATE: This story has been updated to include additional information and details.