A large medical group is taking up more space in Southern California. According to public property records, Kaiser Foundation Health Plan has recently acquired a 223,900 square foot medical office building in Santa Clarita for $67 million, or approximately $300 per square foot. The property was sold by an entity linked to Global Net Lease, which sold the property at an approximately 30 percent discount compared to what it paid for the property in 2014.
The property is located at 27027 Tourney Road in the Valencia neighborhood and consists of a three-story building developed in 2003. The building consists of both lab and office space, according to a listing for the building on Loopnet.
In 2014, American Realty Capital Global Trust, which later merged to form Global Net Lease in 2016, purchased the property for $96 million, translating to approximately $430 per square foot.
Global Net Lease is a real estate investment trust with a focus on acquiring and managing a portfolio of strategically-located commercial real estate properties. According to its website, its current portfolio consists of 1,304 properties totaling 66.8 million square feet.
Founded in 1945, Kaiser Permanente is based in Oakland and comprises Kaiser Foundation Health Plan as well as Kaiser Foundation Hospitals and its subsidiaries The Permanente Medical Groups. The medical group currently has 40 hospitals, 618 medical offices and more than 215,932 employees.
