The five-building portfolio is in Anaheim and Santa Ana, and includes four hospitals, along with one vacant medical office building at 1905 College Ave. in Santa Ana.
The hospitals include three acute-care centers leased to Tustin-based KPC Healthcare, one long-term acute care hospital leased to Kindred Healthcare.
Pacific Coast acquired the four hospitals in 2005 in a sale-leaseback deal with Integrated Healthcare Holdings Inc. A price was not disclosed.
The hospitals include: Orange County Global Medical Center, South Coast Global Medical Center, Kindred Hospital and Anaheim Global Medical Center.
The total portfolio spans 621,000 square feet and includes 703 beds.
“This transaction was performed and completed as the hospitals were facing the added obstacles of the COVID-19 pandemic,” said CBRE’s Sabrina Solomiany, who along with Zack Holderman, arranged the loan on behalf of Pacific Coast Holdings.
“Our team conducted a thorough marketing campaign, which included approximately 30 lenders comprised of banks, debt funds and life insurance companies before finding the perfect lender to execute such a complex transaction.”
At a rocky time for real estate investors, the healthcare sector continues to garner strong interest within the commercial market.
Healthcare is poised to lead future commercial development locally, with major projects on the books for City of Hope, UCI Medical Center and Hoag Memorial Hospital Irvine, among others. See page 29 of this week’s OC 50 Special Report for more.
The first of those projects expected to open is at the Great Park Neighborhoods community in Irvine.
About a year ago, the City of Hope bought a 190,000-square-foot, four-story building at Irvine’s FivePoint Gateway office complex, along with 12 acres of land, for $108 million. The City of Hope plans to convert the building into its first comprehensive cancer center outside of the main campus in Duarte.
The center is currently under construction with a planned 2022 opening date.