Seavest Healthcare Properties recently acquired Loker Medical Arts Pavilion on the campus of Dignity Health California Hospital Medical Center in Los Angeles.
The 61,064 square foot Loker Medical Arts Pavilion is on the campus of Dignity Health California Hospital Medical Center in the fast-growing South Park District
LOS ANGELES and WHITE PLAINS, N.Y., June 8, 2016 – Real estate investment firm Seavest Healthcare Properties LLC has acquired the Loker Medical Arts Pavilion in downtown Los Angeles. The Class A medical office building (MOB) is located at 1513 S. Grand Ave. on the campus of the 318-bed nonprofit Dignity Health California Hospital Medical Center. The transaction closed March 25.
The four-story, 61,064 square foot MOB features multiple clinical spaces including Dignity Health’s comprehensive Los Angeles Center for Woman’s Health, which occupies the entire fourth floor. Other major tenants include the California Orthopedic & Micro Surgery Institute, Retina Macula Institute and the Eisner Pediatric & Family Medical Center.
“The acquisition of the Dignity Health-anchored Loker Medical Arts Pavilion in downtown Los Angeles aligns us with a leading health system in a major metropolitan market,” says John Winer, Senior Managing Director and Chief Investment Officer.
“Seavest is a sector-focused fund manager investing in medical office buildings, outpatient projects and specialized treatment facilities that are strategic to successful health systems through its latest fund Seavest Properties IV and affiliated entities. We add value through a variety of strategies including intensive leasing and property management, and capital improvements. The Loker acquisition is a textbook case of this strategy in action.”
Immediately after the acquisition, Seavest embarked on a $250,000 common area renovation program including new flooring, wall coverings and lighting in the elevator lobbies and hallways. The capital improvements to the building, which opened in 2010, are to be completed by July.
The hospital and MOB are located in Los Angeles’ desirable and fast-growing South Park district, which includes the Los Angeles Convention Center, the Staples Center, the “L.A. Live” entertainment complex and the Fashion Institute of Design & Merchandising. The area has been undergoing a gentrification since the early 2000s, with many new commercial projects, luxury rental apartments and condominiums under development.
“The South Park area of downtown Los Angeles is undergoing rapid change with new luxury housing and entertainment venues and over time we expect that this will have a positive impact on the hospital and our property,” Mr. Winer says. “We will work closely with the hospital to complete the leasing of the building with high quality tenants that are aligned with them.”
A limited amount of space is still available at Loker Medical Arts Pavilion. For leasing information, please contact Angie Weber of Colliers International at (818) 325-4114 or Angie.Weber@colliers.com.
About Seavest Healthcare Properties LLC
Seavest Healthcare Properties LLC is a sector-focused, real estate investment management firm that forms joint ventures with established developers to build new properties and acquires existing medical office buildings, outpatient facilities and similar healthcare real estate assets. A pioneer in this sector, Seavest made its first healthcare real estate investment in the mid-1980s. Today, the firm has a significant portfolio of medical office and outpatient properties which are held in long-term healthcare real estate investment funds. For more information, please visit www.SeavestHCP.com or call (914) 683-8474.
About Dignity Health
Dignity Health is the fifth largest health system in the United States with more than 60,000 caregivers and staff, serving patients at 39 hospitals and more than 300 ancillary care centers in 21 states. Headquartered in San Francisco, it is the largest hospital provider in California. For more information, please visit: www.dignityhealth.org.
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
