SANTA ANA, Calif., Sept. 11 /PRNewswire/ -- NNN Healthcare/Office REIT, Inc. has acquired St. Mary Physicians Center in Long Beach, California, the state's fifth-largest city. The acquisition closed on September 5, 2007.
St. Mary Physicians Center is a four-story, multi-tenant medical office building totaling nearly 67,000 square feet on the campus of St. Mary Medical Center. Built in 1992, St. Mary Physicians Center is the newest building on the medical center campus and is compliant with the American with Disabilities Act (ADA). The facility is fully-sprinklered and offers a parking ratio of 4.5 parking spaces per 1,000 rentable square feet.
St. Mary Medical Center is a 539-bed not-for-profit medical center owned and operated by Catholic Healthcare West, the largest non-profit healthcare system in California. The medical center opened in 1923 as a 70-bed hospital, and has grown to become the single largest provider of medical care in the downtown Long Beach area. St. Mary Medical Center serves as the only regional teaching hospital for the UCLA School of Medicine and as the base hospital for paramedic services in Long Beach.
"Attractive medical office buildings located on the campus of a major medical center are prized by NNN Healthcare/Office REIT," explained Danny Prosky, vice president of acquisitions for NNN Healthcare/Office REIT. "St. Mary Physicians Center is a tremendous addition to our REIT, especially due to its exceptional location on the campus of a medical center in a major metropolitan region like Long Beach, California."
NNN Healthcare/Office REIT purchased St. Mary Physicians Center from St. Mary Physicians Center, LLC, which was represented by Michael Lawrence and David Black of Marcus & Millichap Real Estate Investment Services. Financing was provided by the seller.
St. Mary Physicians Center is currently 82 percent occupied by 12
tenants, including the medical center, which operates a radiology lab, a
|SOURCE NNN Healthcare/Office REIT, Inc.|
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