{"id":1004724769,"date":"2024-08-08T03:41:41","date_gmt":"2024-08-08T11:41:41","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004724769"},"modified":"2024-08-08T05:49:11","modified_gmt":"2024-08-08T13:49:11","slug":"turner-impact-capital-lands-29m-for-san-diego-mob","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/turner-impact-capital-lands-29m-for-san-diego-mob\/","title":{"rendered":"Turner Impact Capital Lands Financing for San Diego MOB"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/Chula-Vista-Medical-Arts-I.-Image-courtesy-of-CommercialEdge-edited.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"750\" data-attachment-id=\"1004724771\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/chula-vista-medical-arts-i-image-courtesy-of-commercialedge-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/Chula-Vista-Medical-Arts-I.-Image-courtesy-of-CommercialEdge-edited.jpg\" data-orig-size=\"1000,750\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;\\u00a9 Yardi Systems, Inc.&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;0&quot;}\" data-image-title=\"Chula Vista Medical Arts I. Image courtesy of CommercialEdge\" data-image-description=\"&lt;p&gt;Chula Vista Medical Arts I&lt;\/p&gt;\n\" data-image-caption=\"&lt;p&gt;Chula Vista Medical Arts I came online in 1973 and underwent cosmetic renovation in 2013. Image courtesy of CommercialEdge&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/Chula-Vista-Medical-Arts-I.-Image-courtesy-of-CommercialEdge-edited.jpg?w=1000\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/Chula-Vista-Medical-Arts-I.-Image-courtesy-of-CommercialEdge-edited.jpg\" alt=\"Chula Vista Medical Arts I\" class=\"wp-image-1004724771\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/Chula-Vista-Medical-Arts-I.-Image-courtesy-of-CommercialEdge-edited.jpg 1000w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/Chula-Vista-Medical-Arts-I.-Image-courtesy-of-CommercialEdge-edited.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2024\/08\/Chula-Vista-Medical-Arts-I.-Image-courtesy-of-CommercialEdge-edited.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/a><figcaption class=\"wp-element-caption\">Chula Vista Medical Arts I came online in 1973 and underwent cosmetic renovation in 2013. <em>Image courtesy of CommercialEdge<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Turner Impact Capital\u2019s Healthcare Facilities Fund has received $29.1 million in financing for Chula Vista Medical Arts I, a 64,231-square-foot medical office building in Chula Vista, Calif. Siemens Financial Services provided the loan, with a maturity date set for 2031, according to San Diego County records. JLL represented the borrower.<\/p>\n\n\n\n<p>Turner Impact Capital has owned the Chula Vista property since April 2024. The company acquired the asset for $18 million from Welltower, CommercialEdge data shows. Last month, <a href=\"https:\/\/www.commercialsearch.com\/news\/cypress-west-jv-buys-san-diego-mob\/\">Turner sold Chula Vista Medical Arts II<\/a> to the Cypress West Partners and TPG Angelo Gordon joint venture, for $11.6 million.<\/p>\n\n\n\n<p>In March, Turner also secured a $6.7 million, three-year loan for 1650 Adams Ave. in Costa Mesa, Calif. The borrower will retrofit the 6,700-square-foot asset into a community health center for Share Our Selves.<\/p>\n\n\n\n<p>The owner will use the funds to convert both buildings into modern medical facilities.<\/p>\n\n\n\n<p>Senior Managing Director John Chun and Director Matt DiCesare with JLL Capital Markets led the team representing the borrower in both transactions.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-facility-ready-for-renovation\">Facility ready for renovation<\/h2>\n\n\n\n<p>The five-story Chula Vista building came online in 1973 and underwent cosmetic renovation in 2013. The low-rise, Class B facility features two passenger elevators, controlled access and offers 94 car parking spaces. The owner will renovate and turn a section of the building into a community health center for San Ysidro Health. <\/p>\n\n\n\n<p>The tenant roster includes Quest Diagnostics, Colton Health and Mora Family Dental, among others. Current trends in <a href=\"https:\/\/www.commercialsearch.com\/news\/mob-tenants-whats-hot-and-whats-not\/\">medical office building occupancy<\/a> show a focus on wellness, catering to the aging population and urgent care services.<\/p>\n\n\n\n<p>Located at 480 4th Ave., the property is adjacent to the Scripps Mercy Hospital Chula Vista and has access to interstates 5 and 805. Downtown San Diego is some 10 miles northwest of the facility. Other medical providers in the surrounding area include Turullols Medical Center, California Medical Injury &amp; Rehabilitation Physicians and Adams Medical Clinic.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Siemens Financial Services provided the loan in a deal arranged by JLL.<\/p>\n","protected":false},"author":2829,"featured_media":1004724771,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21783,21754,21742,1608,15],"tags":[44006,52066,52470],"class_list":["post-1004724769","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-investment","category-medical-office","category-latest","category-san-diego","category-west","tag-jll-capital-markets","tag-siemens-financial-services","tag-turner-impact-capital"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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