Harrison Street buys Westside medical offices for $156M

Less than two months after unloading a $600 million medical office portfolio, Harrison Street picked up two more.

The Chicago-based alternative investment firm bought two medical offices, one in Santa Monica and another in Beverly Hills, totaling 107,000 square feet for $156 million, according to property records filed with Los Angeles County. The deal comes out to around $1,457 per square foot.

Stockdale Capital Partners, a Los Angeles-based investor, sold both properties, the firm announced on Wednesday. Public property records show the firm bought the properties for a combined $88.8 million in 2015.

In Santa Monica, Harrison Street picked up a 55,000-square-foot medical office building at 2825 Santa Monica Boulevard, the majority of which is leased to UCLA Health.

The firm also bought a 49,000-square-foot medical office property at 9090 Wilshire Boulevard in Beverly Hills that is fully leased to Cedars Sinai.

The deal was pricier than recent medical office sales. In October, Meridian Property and Morgan Stanley bought a 67,510-square-foot complex in Beverly Hills for $81.5 million, or around $1,207 per square foot. That property was about 88 percent leased when it was sold.

Harrison Street has spent the last year reshuffling its medical office portfolio. Last year, the firm sold 14 medical offices across eight states for $371 million to Healthpeak Properties. In April, the company sold 27 healthcare buildings — 15 of which are medical offices — to NorthWest Healthcare Properties for $600 million.