HFF announces the $16.285 million sales of eight fully leased condominium units totaling 40,027 square feet within a Class A medical office building in Rancho Mirage, California.
The HFF team marketed the units on behalf of five separate sellers. Milwaukee-based Hammes Partners purchased the assets in an off-market, sale-leaseback transaction.
Completed in 2008, the majority of the units in the one-story property are leased to Eisenhower Health (Moody’s: Baa2). The property is located at 72780 Country Club Drive at the “main and main” intersection of Country Club Drive and Monterey Avenue in Rancho Mirage, a high barrier-to-entry market with robust demographics. The property is less than two miles from the 463-bed Eisenhower Medical Center, the dominant hospital in the area. As part of the transaction, the sellers signed long-term triple-net leases.
The HFF medical office investment advisory team representing the seller consisted of managing director Evan Kovac, director Andrew Milne and senior associate Trent Jemmett.
“The new owner has the opportunity to build a long-term relationship with Eisenhower Health and expand their footprint within Southern California,” Kovac said. “The condominium units represented the unique opportunity to acquire an institutional-quality core medical office within an excellent market.”
Holliday GP Corp. (“HFF”) is a real estate broker licensed with the California Department of Real Estate, License Number 01385740.
About Hammes Partners
Hammes Partners is a private equity firm focused exclusively on the U.S. healthcare real estate market. Hammes Partners is complemented by a suite of services offered by its affiliates, including Hammes Company Healthcare, a nationally recognized healthcare industry leader since 1993. The company is headquartered in Milwaukee, Wisconsin. For more information, please visit www.hammespartners.com.
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.
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