RIVERSIDE, CA—Newmark Grubb Knight Frank Global Healthcare Services has completed the $25 million sale of La Quinta Medical Center on behalf of Accretive Realty Investment, LLC. The buyer was a large real estate investment trust that specializes in the healthcare sector.
The sale price equates to a capitalization rate of approximately 6%, underscoring the asset's high quality and excellent location in the fastest-growing portion of the Coachella Valley. The property, located at 47647 Caleo Bay Drive a mile south of Highway 111, was 98% occupied when the transaction closed.
Garth Hogan and Todd Perman, CCIM, both executive managing directors with NGKF Global Healthcare Services, represented Accretive Realty in the sale.
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David Phillips
David Phillips is a Chicago-based freelance writer and consultant with more than 20 years experience in business and community news. He also has extensive reporting experience in the food manufacturing industry for national trade publications.
