MURRIETA, CA—Lee & Associates-LA North/Ventura has transacted the sale of a 37-acre parcel of land in the Riverside County city of Murrieta for the development of a new Kaiser Permanente medical center. The deal was put together by Lee & Associates-LA North/Ventura principal Mike Tingus.
Tingus represented the seller, a private investment group, along with David Mudge, a senior vice president of Lee & Associates-Riverside, in the sale of the vacant land, which traded for $9.3 million.
“It is clear to all of us in real estate that hospitals have developed an enormous appetite for expansion since the passage of the Affordable Care Act,” Tingus said, “and Kaiser Permanente's decision to develop a new medical center reflects those expectations as well as the demographics and expected population growth in South Riverside County.”
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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.
