RIVERSIDE, CA—Newmark Grubb Knight FrankGlobal Healthcare Services has completed the $25million sale of La Quinta Medical Center on behalfof Accretive Realty Investment, LLC. The buyer wasa large real estate investment trust that specializes in thehealthcare sector.
The sale price equates to a capitalization rate of approximately6%, underscoring the asset's high quality and excellent location inthe fastest-growing portion of the CoachellaValley. The property, located at 47647 Caleo BayDrive a mile south of Highway 111, was 98%occupied when the transaction closed.
Garth Hogan and Todd Perman,CCIM, both executive managing directors with NGKF Global HealthcareServices, represented Accretive Realty in the sale.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
