$53M Riverside Medical Office Sale Highlights Healthcare Real Estate Demand
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Cushman & Wakefield arranged the sale of two fully leased, institutional-quality medical office buildings totaling 85,204 square feet in Riverside County. The properties, located at 8876 Mission Boulevard in Jurupa Valley and 2813 S. Main Street in Corona, were sold for $25 million and $28 million, respectively.
Cushman & Wakefield’s healthcare capital markets team, including Travis Ives, Gino Lollio and Tyler Morss, represented the seller in the transaction. The properties were acquired by the County of Riverside, the tenant in both buildings.
“Medical buildings with investment-grade tenancy and longer lease terms present attractive acquisition opportunities for a wide variety of investor types. In this case, Riverside County was the logical buyer considering their dedication to operating out of these properties long-term and the opportunity to acquire at a significant discount to replacement,” said Ives, in a statement. “The County’s acquisition of these mission-critical facilities will result in long-term ownership and control of the assets along with a reduction in their overall cost of occupancy.”
The Jurupa Valley Community Health Center, located at 8876 Mission Boulevard, is a single-story, 40,000-square-foot medical outpatient building constructed in 2019. The property is 100% leased to the County of Riverside’s University Health System under a long-term lease.
The Corona Community Health Center, located at 2813 S Main Street, is a two-story, 45,204-square-foot medical outpatient building built in 2018. It is also 100% leased to the health system under a long-term lease.
Both properties are strategically located within the Inland Empire, one of Southern California’s most robust real estate markets, and offer convenient access to major highways, a growing healthcare infrastructure and a high concentration of insured residents. The surrounding areas feature strong demographics, limited new medical office development and proximity to established healthcare networks.
Information for this article was sourced from Cushman & Wakefield.
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