Health Center Sale is Prime Example of Healthcare Retailization

Pomona Valley Health Center is 100 percent leased, with Pomona Valley Hospital Medical Center (PVHMC) making up 85 percent of the tenancy. PVHMC offers urgent care, primary care, radiology and physical therapy.

The 39,400-square-foot medical office building recently sold for $24.6 million to MMRE Acquisitions LLC. The Pomona Valley Health Center is located at 2317-2333 Foothill Blvd. in La Verne, CA, 3 miles from its hospital campus.

The seller, an affiliate of StoneCreek Company, originally acquired the property in 2016 when it was a retail center with substantial vacancy. StoneCreek successfully obtained medical land use approvals from the city, renovated the property, secured PVHMC as the anchor tenant and filled the rest of the center with complementary healthcare and retail uses prior to its sale.

Chris Bodnar, Lee Asher, Ryan Lindsley and Jordan Selbiger with CBRE teamed up with CBRE capital markets’ Anthony DeLorenzo and Mark Shaffer to represent the seller, La Verne Venture I LLC.

“This sale is a proof of concept for the much-discussed ‘retailization of healthcare,’” said Bodnar. “The provider hand-selected this former big box site over building a new facility in the market as it combined everything they wanted: access, convenience, amenities, signage and identity. This was extremely well received by the investors and allowed us to execute at very favorable terms for the seller.”