LOS ANGELES – Oct. 12, 2021 – CBRE announced the $24.6 million sale of the Pomona Valley Health Center in La Verne, Calif., to MMRE Acquisitions LLC.
Chris Bodnar, Lee Asher, Ryan Lindsley and Jordan Selbiger with CBRE U.S. Healthcare and Life Sciences Capital Markets teamed up with Anthony DeLorenzo and Mark Shaffer with CBRE Capital Markets in Southern California to represent the seller, La Verne Venture I LLC.
“This sale is a proof of concept for the much-discussed ‘retailization of healthcare,’” said Mr. Bodnar. “The provider hand selected this former big box site over building a new facility in the market as it combined everything they wanted—access, convenience, amenities, signage and identity. This was extremely well received by the investors and allowed us to execute at very favorable terms for the seller.”
The Pomona Valley Health Center is located at 2317-2333 Foothill Boulevard in La Verne, about 30 miles east of Los Angeles. The approximately 39,400-square-foot medical office building is 100 percent leased, with Pomona Valley Hospital Medical Center (PVHMC) making up 85 percent of the tenancy. PVHMC offers urgent care, primary care, radiology and physical therapy from this location, just 3 miles from its hospital campus.
The seller, an affiliate of StoneCreek Company, originally acquired the property in 2016 when it was a well-located retail center with substantial vacancy. StoneCreek successfully obtained medical land use approvals from the city, renovated the property, secured PVHMC as the anchor tenant and filled the rest of the center with complimentary healthcare and retail uses prior to its sale.
About CBRE Group, Inc.
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 2020 revenue). The company has more than 100,000 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.