JLL represented tenant Northeast Valley Health Corporation in the lease
LOS ANGELES, November 16, 2022 – Confirming the strength of the Los Angeles area healthcare real estate market, JLL announced today that Northeast Valley Health Corporation (NVHC) has signed a 13,369 -square-foot lease at 17909 Soledad Canyon Road in Santa Clarita, California. NVHC will use the space to expand its medical and dental services.
JLL’s Chris Isola and Bryan Lewitt represented NVHC in the lease. The landlord, Intertex HE Deerpath, LLC, was represented by Intertex Property Advisors.
“In this challenging economy and post-COVID, we have seen an evolution of the healthcare industry” said Chris Isola, JLL Executive Vice President. “After doing a comprehensive search of available space in the region, NVHC selected this space because of its prime location and ease of access and parking for NEVHC’s patients and well as the ability to locate both medical and dental services on a single floor.”
Isola continued by saying “despite a slowdown of expansion by most of the major healthcare systems in Southern California, strong provider groups delivering medical and dental care to medically underserved communities are continuing to expand their footprints throughout the market.
According to the JLL Los Angeles Third Quarter 2022 Medical Office Market Overview, after an active first half of the year for leasing activity, which led to a drop in the vacancy rate, leasing momentum cooled in 3rd quarter and the vacancy rate remained basically flat. New medical office construction remains low at just 39,600 square feet (or 0.15% of total inventory) and there have been no new medical office construction starts for lease to third-party tenants since late-2020.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of September 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
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
