{"id":1004285258,"date":"2018-12-12T01:18:42","date_gmt":"2018-12-12T09:18:42","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004285258"},"modified":"2022-12-06T23:50:34","modified_gmt":"2022-12-07T07:50:34","slug":"welltower-acquires-la-area-mob-campus","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/welltower-acquires-la-area-mob-campus\/","title":{"rendered":"Welltower Acquires LA-Area MOB Campus"},"content":{"rendered":"

By Keith Loria<\/p>\n

\"Westlake<\/a>

Westlake Village<\/p><\/div>\n

Welltower has acquired Westlake Village, a two-property, roughly 50,000-square-foot medical office campus in Westlake Village, Calif. A joint venture between Nadler Cypress Holdings2 LLC and La Venta LLC sold the asset for almost $30 million. HFF facilitated the transaction on behalf of the seller. Anchor Health Properties will serve as property manager for the buildings.<\/p>\n

Located at 1220 and 1250 La Venta Drive, Westlake Village is fully leased and anchored by UCLA Health and Providence St. Joseph Health. The second building in the portfolio, 1250 La Venta Drive, was completed in 1985 and underwent cosmetic renovations in 1999. According to Yardi Matrix data, Welltower assumed an $8 million CMBS loan for the asset.<\/p>\n

The medical campus offers more than 100 parking spaces, easy access to the 101 Freeway and has high barriers to entry and robust demographics with data revealing an average household income in the area of nearly $154,000 and a median housing value of more than $1 million.<\/p>\n

The HFF investment advisory team consisted of Managing Director Evan Kovac, Director Andrew Milne and Senior Associate Trent Jemmett. <\/p>\n

In May, Welltower sold a 36-bed inpatient rehabilitation hospital <\/a>in Lakeway, Texas to a joint venture comprising Baylor Scott & White Health and Select Medical.<\/p>\n

MOB market on the upswing<\/h2>\n

A spring report from Marcus & Millichap\u2019s health-care real estate group revealed that in 2017, the medical office sector decreased when compared to the record-setting 2016 figures, with less than 20,000 square feet of space changing hands.<\/p>\n

However, the total sales price of the sales came in at $8.3 billion, which dwarfed the less than $6 billion of the previous year. Additionally, the medical office market saw continued cap rate compression in 2017, demonstrating a continued widespread appeal of the medical office real estate sector.<\/p>\n

Though numbers aren\u2019t in for 2018, early estimates from Marcus & Millichap are that things are looking strong.<\/p>\n

Image courtesy of HFF<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

The two-building property in Westlake Village is fully occupied by UCLA Health and Providence St. Joseph Health. HFF negotiated the deal on behalf of the seller.<\/p>\n","protected":false},"author":451,"featured_media":1004285261,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,1594,21754,21742,15],"tags":[36946,32792,34836,33968],"class_list":["post-1004285258","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-los-angeles","category-medical-office","category-latest","category-west","tag-anchor-health-properties","tag-hff","tag-marcus-millichap","tag-welltower"],"acf":[],"yoast_head":"\nWelltower Acquires LA-Area MOB Campus - 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\/welltower-acquires-la-area-mob-campus\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Welltower Acquires LA-Area MOB Campus\" \/>\n<meta property=\"og:description\" content=\"The two-building property in Westlake Village is fully occupied by UCLA Health and Providence St. Joseph Health. 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