FOR IMMEDIATE RELEASE
SCP Healthcare Real Estate Income Fund to focus on core-plus, healthcare real estate opportunities across the U.S.
LOS ANGELES – April 04, 2023 – Stockdale Capital Partners (“Stockdale”), a Los Angeles-based, vertically-integrated real estate investment firm, announced that it completed its acquisition of 2100 West 3rd Street Medical Center in Los Angeles on March 31st, 2023.
The medical office building is 147,078 square feet, and is 99% leased to major tenants including Children’s Hospital of Los Angeles, Providence Health & Services, and AltaMed Health Services Corporation.
The acquisition was completed as the seed investment in the firm’s new open-ended, core-plus healthcare fund which will be actively pursuing medical office acquisitions.
“Stockdale’s dedicated healthcare fund will continue our track record of delivering attractive returns for our investors and excellent medical office experiences for our clients and their guests,” said Andrew Saba, Managing Director of Stockdale. “We remain committed to deepening our existing partnerships and establishing new relationships across the healthcare delivery spectrum with providers nationwide.”
“We are excited about the launch of our new open-ended fund effort and believe now is an excellent time to be in the market to acquire best-in-class medical office assets,” said Daniel Michaels, Managing Partner of Stockdale. “We look forward to growing this vehicle successfully across the U.S., starting in Los Angeles with 2100 West 3rd St Medical Center.”
Stockdale has deep knowledge of the asset and market, having sold the property previously to HTA in 2019, which was later acquired by Healthcare Realty, the current seller. The transaction was completed in advance of Los Angeles’ ULA transfer tax, which imposes a 5.5% tax on transactions greater than $10 million effective April 1, 2023, providing a unique opportunity to acquire a stabilized medical office asset with excellent tenancy.
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About Stockdale Capital Partners
Stockdale Capital Partners is a vertically-integrated real estate investment firm with a 30-year history of investing in commercial real estate across multiple asset classes throughout the Western U.S. The company is an owner-operator specializing in the redevelopment and repositioning of real estate assets with expertise in revitalizing urban properties of all types. The firm currently manages approximately $3 billion in AUM on behalf of several joint ventures, as well as discretionary closed-end and open-ended funds. For more information, please visit our website at http://www.stockdalecapital.com
Contact: David Gershwin
david@davidgershwin.com
323.791.2319
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