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Douglas Emmett Adds MOB Portfolio to Beverly Hills Holdings
Douglas Emmett, Inc. has acquired the Bedford Collection, a 246,000-square-foot outpatient medical portfolio located on Bedford Drive in the Beverly Hills “Golden Triangle.” The $260-million acquisition was executed through a newly formed $150-million equity joint venture managed by Douglas Emmett, which contributed 13% of the equity. The seller was not disclosed.
The purchase was financed using a $130-million secured, non-recourse, interest-only, first trust deed loan. The loan matures in April 2031 and carries an interest rate of SOFR plus 1.70%.
The Bedford Collection is home to 120 unique tenants. Currently, it is 95% occupied, according to Douglas Emmett.
With this acquisition, Douglas Emmett now controls approximately one-third of the total medical office inventory in the Beverly Hills Golden Triangle. Including the Bedford Collection, the REIT now owns and operates 16 buildings totaling 2.4 million square feet. This portfolio accounts for approximately 33% of the city’s Class A office inventory.
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- ◦Sale/Acquisition
