|Address||2317-2371 Foothill Blvd., La Verne CA 91750|
15-Year-Leased Medical/Retail Investment Opportunity Offering Stable Cash Flow
- High-image, long-term leased medical building within a well-appointed “one-stop” shopping setting, featuring superior onsite retail amenities, sought-after surface parking, excellent ingress/egress, and a signalized corner location along La Verne’s top business corridor.
- 51% leased to Pomona Valley Hospital Medical Center (PVHMC) on a long-term, 15-year lease (2032 expiration) with 2.5% annual rental increases, eliminating any major near-term rollover.
- 100% NNN-leased to a diverse and complimentary “Internet Resistant” tenant mix with a weighted average lease term of 12 years for medical tenants, limiting tenant turnover and rollover exposure.
- Future opportunity to move in-place retail rents, currently below market, to market level.
Investment-Grade Credit Anchor Tenant
- PVHMC is an award-winning regional healthcare system founded in 1903 and has an investment-grade rating of ‘Baa2’ from Moody’s. Headquartered in Pomona, PVHMC is the dominant healthcare provider in the East San Gabriel Valley/West Inland Empire market, with four satellite campuses and annual revenues exceeding $595 million.
- PVHMC’s newly-launched La Verne campus, aimed to bring medical convenience to an existing and growing patient base, offers primary and urgent care, occupational medical, physical therapy and imaging services. This new medical center, with a multi-million dollar capital investment from PVHMC, generates an estimated 120,000 patient visits per year.
Strong Market Fundamentals with Long-Term Medical Demand
- La Verne, due to its rapidly growing and affluent patient base, is a highly-desirable medical submarket. The 5-mile radius surrounding the Property has a population of close to 300,000 people and an annual household income of $93,400. The annual spending budget for the area totals $7.0 Billion, more than half of which is allocated to food, housing and healthcare.
- Extremely tight La Verne medical office market, with only 202,655 SF of inventory and vacancy of just 1.8%; and no new construction.
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