Stockdale Capital sells Westlake medical office complex for 40% more than it paid
The buyer, Healthcare Trust of America, now invested $325M in LA property
Healthcare Trust of America paid $85 million for a Westlake medical office building, with tenants that include UCLA Health and Children’s Hospital Los Angeles.
The purchase, which closed Friday, was part of a third quarter in which the real estate investment trust closed $115 million in new acquisitions.
Stockdale Capital Partners was the seller of the Westlake property, which is located at 2100 West 3rd Street, records show. The company made a considerable profit, after having acquired the property in 2016 for $52 million.
Spanning 147,170 square feet, the Class A medical office building was built in 1990. The property is 90 percent-leased.
In a statement released last week, Healthcare Trust of America said the deal puts its total commercial real estate investment in L.A. at more than $325 million.
The medical office operator also announced it is planning two new developments, totaling 190,000 square feet, in Bakersfield, and in Texas. Its Memorial Hospital project in Bakersfield will span 84,000 square feet. The project is expected to cost $30 million to develop, with an expected completion date of 2021.