CBRE ANNOUCES THE SALE OF MEDICAL OFFICE BUIDLING IN WHITTIER, CA FOR $5.55 MILLION IN 1031-EXCHANGE DEAL
08 Nov 2018
Los Angeles – November 8, 2018 – CBRE announced the sale of a medical office building in Whittier, CA for $5.55 million to a private 1031-exchange investor.
Anthony DeLorenzo, Gary Stache, Mark Shaffer, Thomas Adelson and Doug Mack of CBRE represented the local seller.
Located at 12444-12472 Washington Boulevard, this fully leased multi-tenant medical office building is ideally located across the street from Presbyterian Inter-Community Hospital and within eight miles of 17 other hospitals. The one-story property totals 21,840-square feet.
“Given the ease of access to surrounding hospitals and steady patient referral stream, this asset is in the perfect location,” said Shaffer. “The new owner will face minimal near-term supply risk given Whittier’s strict ordinances on new development, lack of available raw land and high barriers to entry.”
The CBRE team specializes in the sale of office, medical office, and industrial properties in Southern California. Since 2015, the group has sold or has in escrow 184 transactions valued in excess of $2.6 billion with several of their last transaction involving 1031-exchange buyers paying premium pricing.
Southern California’s fast-growing overall and older populations will continue to generate opportunities for investments in medical office buildings, according to CBRE research. For several years, the inflow of money into this product type has been increasing in tandem with the aging and insured population and the historical stability of medical office buildings relative to many other types of commercial real estate, according to CBRE Research. Demand is expected to grow, fueled by continued health care job growth, the aging population, tight market conditions and the relative recession resistance of these properties.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2021 revenue). The company has more than 105,000 employees (excluding Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.