Newmark 1 announces the sale of a single-tenant net-leased medical office building in the Eagle Rock neighborhood of Los Angeles, California. Leased by Adventist Health Glendale since 2003, the critical outpatient facility is located one mile from Adventist Health Glendale hospital.
Newmark Vice Chairmen Sean Fulp and Bill Bauman, Executive Managing Director Kyle Miller, Managing Directors Mark Schuessler and Ryan Plummer represented the seller, Eastern Real Estate LLC and Atlas Capital Group. The buyer was LaSalle Investment Management.
The building sits adjacent to Eagle Rock Plaza, a 460,000-square-foot regional shopping center at the convergence of the 134 and 2 Freeways. This marquis project is being redeveloped by Eastern Real Estate and Atlas Capital Group and will be anchored by a flagship Target as well as a diverse mix of best-in-class retail, grocery, fitness and restaurant operators.
“Despite rising interest rates and lower transaction activity, medical office continues to outperform other product types. The bidder pools are just as large as they were in 2021 and pricing hasn’t changed all that much,” said Fulp.
Bauman added, “2560 Colorado’s medical office use compliments the greater Eagle Rock Plaza perfectly. Upon completion of the redevelopment, Eagle Rock Plaza will be one of the premier regional shopping centers in Los Angeles,”
Located at 2560 Colorado Blvd., the 19,777-square-foot property is situated at a signalized intersection and benefits from its proximity to the 515-bed Adventist Health Glendale hospital, the largest medical center serving the San Fernando Valley and the dominant medical demand driver in the Glendale submarket. Adventist Health operates a physical therapy and wellness center that directly receives long-term patients as an outpatient facility for the Adventist Health Glendale hospital.