FOR IMMEDIATE RELEASE
Los Angeles – Jan. 9, 2021 – CBRE announced the sale of Park Plaza, a three-building medical office property in Redlands, Calif. for $18.3 million.
Chris Bodnar, Lee Asher, Ryan Lindsley and Jordan Selbiger of CBRE’s U.S. Healthcare and Life Sciences Capital Markets partnered with Anthony DeLorenzo, Gary Stache, Sammy Cemo and Doug Mack to represent the seller, Rancho Santa Margarita-based Cypress West Partners.
“Real estate investors continue to flock to defensive positions during these turbulent times, and healthcare real estate has proven its resiliency during both the financial crisis of 2008 and the COVID-19 pandemic,” said Bodnar.
The , totals 53,325 square feet across three outpatient medical office buildings with 99 percent of the space leased to Loma Linda University Health Care, a major academic medical center that operates 1,077 beds across six hospitals. Loma Linda utilizes the buildings for a variety of specialty practices including their Behavioral Medical Center program.
“Loma Linda has a long-standing reputation for innovation since 1905,” said DeLorenzo. “Net-leased properties with strong tenancy and term have seen incredible demand since the start of the COVID-19 pandemic.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
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