Net-Leased Convalescent Hospital Trades Hands

LOS ANGELES—An unnamed, private California LLC has acquired a 61,895-square-foot convalescent hospital for $14.75 million from a private family trust. The property houses both a skilled nursing facility and assisted-living facility, which are both triple net-leased. The sales price equates to $238 per square foot.

“Properties of this size in the Los Angeles basin area are rarely available for purchase, and this one has tremendous future development potential,” says Marty Cohan, a VP of Marcus & Millichap‘s West Los Angeles office who represented both the buyer and seller in the transaction. Ron Bender of Levene, Neale, Bender, Yoo & Brill LLP served as legal counsel for the seller.