{"id":1004200281,"date":"2017-12-12T06:27:05","date_gmt":"2017-12-12T14:27:05","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004200281"},"modified":"2022-12-09T02:29:34","modified_gmt":"2022-12-09T10:29:34","slug":"64-ksf-ca-mob-changes-hands","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/64-ksf-ca-mob-changes-hands\/","title":{"rendered":"64 KSF CA MOB Changes Hands"},"content":{"rendered":"<p style=\"text-align: justify;background: white;margin: 0in 0in 16.8pt 0in\">By Alex Ciorogar<\/p>\n<div id=\"attachment_1004200283\" style=\"width: 310px\" class=\"wp-caption alignright\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/12\/Capture-7.jpg\" target=\"_blank\" rel=\"noopener noreferrer\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004200283\" data-attachment-id=\"1004200283\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/64-ksf-ca-mob-changes-hands\/capture-7-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/12\/Capture-7.jpg\" data-orig-size=\"800,620\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;Alexandru Ciorogar&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;1513084201&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"420 West Rowland St. in Covina, Calif.\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;420 West Rowland St. in Covina, Calif.&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/12\/Capture-7.jpg?w=800\" class=\"wp-image-1004200283 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/12\/Capture-7.jpg\" alt=\"420 West Rowland St. in Covina, Calif.\" width=\"300\" height=\"233\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/12\/Capture-7.jpg 800w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/12\/Capture-7.jpg?resize=300,233 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2017\/12\/Capture-7.jpg?resize=768,595 768w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a><p id=\"caption-attachment-1004200283\" class=\"wp-caption-text\">420 West Rowland St. in Covina, Calif.<\/p><\/div>\n<p style=\"margin: 0in;margin-bottom: .0001pt;text-align: justify;background: white\">Genesis KC Development LLC\u2014a subsidiary of HealthCare Partners LLC\u2014has bought a 64,000-square-foot, single-tenant medical-office building in Covina, Calif. Newmark Knight Frank (NKF) Senior Managing Directors Drew Sanden, Taylor Ing and Senior Associate Scott Maples represented the seller, Procto Inc., a group of former Magan Medical Clinic physicians, in the transaction.<\/p>\n<p style=\"margin: 0in;margin-bottom: .0001pt;text-align: justify;background: white\">\u00a0<\/p>\n<p style=\"text-align: justify;background: white;margin: 0in 0in 16.8pt 0in\">In June 2017, HealthCare Partners\u2014a DaVita Medical Group and division of DaVita Inc.\u2014and Magan Medical Clinic, a multispecialty medical group in San Gabriel Valley, Calif., entered into a definitive agreement by which Magan would join HealthCare Partners. DaVita Inc. is also selling its physician network arm for $4.9 billion to Optum (a subsidiary of UnitedHealth Group).<\/p>\n<p style=\"text-align: justify;background: white;margin: 0in 0in 16.8pt 0in\">Located at 420 West Rowland St. in Covina, Calif., Magan Medical Clinic will be fully occupying the property. HealthCare Partners also intends to renovate the facility. According to CoStar statistics, the sale represents one of the largest medical owner\/user Californian transactions of 2017.<\/p>\n<p style=\"text-align: justify;background: white;margin: 0in 0in 16.8pt 0in\"><em>\u201cThis sale represents the continued consolidation of medical groups within California, who are seeking scale and diversity of practice to remain competitive in changing market conditions\u201d<\/em> said Sanden in prepared remarks. <em>\u201cAdditionally, with rising land and labor costs, many groups are choosing to repurpose second generation facilities over completing ground up construction.\u201d<\/em><\/p>\n<p style=\"text-align: justify;background: white;margin: 0in 0in 16.8pt 0in\">A few months ago, NKF\u00a0has also agreed to acquire the assets of <a href=\"https:\/\/www.commercialsearch.com\/news\/newmark-knight-frank-to-buy-6-irr-offices\/\">six Integra Realty Resources offices<\/a>.<\/p>\n<p style=\"text-align: justify;background: white;margin: 0in 0in 16.8pt 0in\"><em>Photo via Google Street View<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Proto Inc. sold a single-tenant medical office building in Covina, Calif. The new manager plans to operate extensive renovation plans for the property.<\/p>\n","protected":false},"author":928,"featured_media":1004200283,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21782,1594,21754,21742,15],"tags":[38579,36007,35666,38578],"class_list":["post-1004200281","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-development","category-los-angeles","category-medical-office","category-latest","category-west","tag-costar-group","tag-newmark-knight-frank","tag-unitedhealth-group","tag-unitedhealthcare"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>64 KSF CA MOB Changes Hands - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/64-ksf-ca-mob-changes-hands\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"64 KSF CA MOB Changes Hands\" \/>\n<meta property=\"og:description\" content=\"Proto Inc. sold a single-tenant medical office building in Covina, Calif. 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