Beverly Hills Medical Office Building Trades for $74M
LaSalle Investment Management acquired the 49,721-SF, class A property from UBS Realty Investors.
LOS ANGELES, CA – LaSalle Investment Management has purchased a 49,721-square-foot, class A medical office building in Beverly Hills, CA for $74.4 million.
The five-story building was acquired from UBS Realty Investors.
The building, designed by SIM & Associates, offers a world-class surgery center, a full-service pharmacy, valet parking and a rooftop deck. The state-of-the art property was renovated in 2011.
Located at 9033 Wilshire Blvd., near several hospitals including Cedars-Sinai Hospital, UCLA Medical Center, St. John’s Hospital and Olympia Medical Center, the medical office building is anchored by USC’s Keck Medical Center.
The seller of the property was represented by Newmark’s co-head of US capital markets, Kevin Shannon, executive managing directors, Rob Hannan and Ken White, and senior managing director, Laura Stumm. Newmark’s senior managing director, Steven Salas also assisted with the sale.
“The medical sector is a high conviction product for investment capital post pandemic because of the typical predictability and durability of their tenants,” states Shannon.
The healthcare sector continues to perform well in Beverly Hills, where medical office properties have sustained single-digit vacancy numbers since 2002.