DOWNEY, Calif. – On the heels of acquiring the former Downey Regional Medical Center, PIH Health recently purchased an MOB across the street from what is now known as PIH Health Hospital–Downey.
The not-for-profit health system, which was founded in 1959 and is based in Whittier, Calif., paid $11.3 million for the 56,121 square foot Brookshire Medical Building; that equates to about $201 PSF. The seller was an affiliate of Newport Beach, Calif.-based WRA Property Management Inc.
According to Michael Lawrence, a senior VP of investments in the Newport Beach office of Marcus & Millichap (NYSE: MMI), the five-story building was completed in 1970 and has received $2 million worth of upgrades during the last decade. Mr. Lawrence represented the seller while David Black, a VP in Marcus & Millichap’s Long Beach office, represented PIH Health.
The full content of this article is only available to paid subscribers. If you are an active subscriber, please log in. To subscribe, please click here: SUBSCRIBE
