Cedars-Sinai’s most recent purchase in South Bay was larger than initially reported.
The healthcare non-profit bought a pair of medical office buildings next to one of its affiliated hospitals in Torrance, a representative for Cedars-Sinai told The Real Deal. The two properties, located at 3400 and 3440 Lomita Boulevard, are adjacent to the Torrance Memorial Medical Center, a 512-bed facility that operates under the Cedars-Sinai Health System.
TRD previously reported on Cedars-Sinai’s acquisition of 3440 Lomita, with a value pegged at $37.8 million, according to PropertyShark.
Cedars-Sinai confirmed a purchase price of $70 million for the two properties but declined to provide a breakdown of what it paid for each piece of the assemblage. The non-profit said that it will continue to operate the assets as medical office buildings.
The 3400 Lomita parcel contains a 66,724-square-foot medical office property that’s known as the Tormed Medical Building. The tenants in the building include South Bay Dermatology and Plaza Pharmacy. The seller for the 3400 Lomita Boulevard property is Tormed Buildings, Ltd, which is managed by David E. Buxton. Buxton was also one of the sellers for the 3440 Lomita property. He jointly owned that asset with the George Smith Marital Trust, which is managed by Pamela Jean Smith.
Cedars-Sinai is currently undergoing expansion in several locations. It recently announced plans to expand its main hospital campus in Beverly Grove. The proposal for that project, at 8700 West Beverly Boulevard, requires approvals for a zone change and updates to a master plan dating back to 1993, according to a previous report from Urbanize LA. The expansion will involve the construction of a new tower at the intersection of Third Street and San Vicente and a new building at the corner of Alden Drive and George Burns Road.
Cedars-Sinai is also expanding its Marina del Rey hospital. That project, which is expected to be completed in 2025, will nearly triple the hospital’s square footage.