Stockdale buys third L.A. medical building for $50.3M
Stockdale Capital Partners now owns three medical buildings in Los Angeles County, The Real Deal has learned.
It bought 9090 Wilshire Boulevard, a 51,570-square-foot Class A medical office building in Beverly Hills for $50.3 million from LNR Partners, according to CoStar Group, in an effort to continue to expand its medical portfolio in L.A..
The Real Deal reported that, just last week, Stockdale bought a 140,000-square-foot Downtown medical office building at 2100 West Third Street for more than $50 million. That purchase followed its acquisition late last year of a 54,930-square-foot medical office building anchored by UCLA Health at 2825 Santa Monica Boulevard in Santa Monica for $38.5 million.
Both Westside acquisitions were made as part of a $100 million joint venture partnership with asset manager Carlyle Group to acquire medical office buildings in the Los Angeles market.
“We are witnessing very strong demand for high quality medical office buildings in a supply-constrained market in Southern California,” said Steven Yari, managing principal of Stockdale.
The firm is actively looking to acquire other medical office assets in Southern California, according to a company statement. Sources said it already has a couple more irons in the fire.
Eastdil Secured represented LNR Partners in the sale of 9090 Wilshire. Acquisition financing was arranged by Nicholas Nouvel and Craig Dowd of Union Bank.