LOS ANGELES-G&L Realty has secured two loans totaling $240 million from US Bank for two medical office portfolios in Southern California. Jones Lang LaSalle secured the loan on behalf of G&L Realty, which is known for ownership and management of healthcare-related properties.
G&L Realty secured a seven-year $176.5 million loan for a five-property portfolio in in Beverly Hills' Golden Triangle district. The portfolio is located within close proximity to Cedars-Sinai Medical Center and UCLA Medical Center. “Tenants are drawn to this location because of the close proximity to [these] two main healthcare centers,” Reid McGlamery, EVP at JLL, tells GlobeSt.com “The draws there are clearly proximity to those facilities and the high quality of real estate that my client owns.”
The second loan was secured for a medical office portfolio with assets in Sherman Oaks, Santa Clarita and La Jolla. For these properties, G&L Realty received a five-year, $63.5 million loan.
These loans illustrate healthy activity in the healthcare sector. “From a capital markets perspective, there is very strong lender and investor interest in healthcare product and particularly medical office buildings that are well leased to diverse group of tenants,” says McGlamery. “There is even stronger interest in medical office properties that are affiliated with hospitals or on campus. In Southern California in particular, we are seeing a very strong appetite for high-quality, well-leased medical properties.”
Further evidence of the expanding healthcare sector is apparent in CBRE's purchase of the healthcare consulting firm KLMK Group. The purchase expands CBRE's healthcare platform of 60 million hospitals and healthcare systems in the nation.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Kelsi Maree Borland
