Industry Pulse: May 2011

NAPA, Calif. – A financially troubled MOB complex in California’s wine country is getting a new lease on life thanks to its recent acquisition by White Plains, N.Y.-based Seavest Inc. Seavest’s third healthcare real estate fund, Seavest Properties III, acquired the two-building, 65,000 square foot property at 1100 Trancas St. in Napa for $11.2 million, or about $172 per square foot (PSF). The MOB complex, known as Napa Valley Medical Center, is adjacent to the only acute care hospital in the city of Napa, the 191-bed Queen of the Valley Medical Center, an affiliate of Orange, Calif.-based St. Joseph Health System.

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