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.

Want to continue reading?
Become a Free ALM Digital Reader.

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

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.