Global Medical REIT has acquired an approximately 42,000-square-foot, class A medical office building located in the Los Angeles suburb of Corona, CA. Global Medical REIT acquired the property for approximately $17 million.
Located at 2250 S. Main St., the medical office building was built in 2009 and is 100% leased. The eight-tenant building is master-leased on a triple net basis to regional healthcare provider Citrus Valley Medical Associates for 12 years with annual rental increases.
“This medical office building is well-located less than two miles from Corona Regional Medical Center, a 238-bed community hospital,” said Matt Bear, founder and chief executive officer of Bear Real Estate Advisors, who represented the firm in the acquisition. “This is an excellent example of Bear Real Estate Advisor’s ability to source and secure attractive investment properties for our clients despite an increasingly challenging acquisition environment. This is one of many transactions we have completed for Global Medical REIT, a relationship we highly value. The company’s internal acquisitions team’s ability to execute complicated deals with flawless precision makes them a joy to work with.”
Citrus Valley Medical Associates is a group practice that specializes in allergy & immunology, family medicine, internal medicine, occupational medicine, cardiology and pediatrics.
“Once again, Bear was able to source and identify a market opportunity that fit Global Medical REIT’s business plan and work with the sellers to craft and complete an ideal structure for all parties,” said Ray Braun, senior vice president, acquisitions of Global Medical REIT. “We are excited about our latest investment and could not be happier with the job that Matt Bear did for us.”
The property exchanged hands in a sale/leaseback transaction and was sold by Circle City Medical Properties and RSS Moscoso. The sellers were represented by John Bosko, senior vice president with NAI Capital.