Offers Due 12/3/2021
Newmark is pleased to present the opportunity to acquire the fee-simple interest in 2560 Colorado Boulevard, a single tenant net leased medical office building with nearly 12 years of remaining lease term. Leased by Adventist Health Glendale since 2003, this critical outpatient facility is located just one mile from Adventist Health Glendale hospital in the Eagle Rock neighborhood of Los Angeles, California.
The property benefits from the proximity to the 515-bed Adventist Health Glendale hospital, the largest medical center serving the San Fernando Valley and the dominant medical demand driver in the Glendale submarket.
The medical office is 100% leased to Adventist Health Glendale, the same entity that operates the hospital one mile away, with a new 12-year lease extension. Adventist Health has occupied the property since 2003 and operates a physical therapy and wellness center that directly receives long-term patients as an outpatient facility for the Adventist Health Glendale hospital. Eagle Rock experienced a renaissance as an influx of younger millennials moves into the community following restaurants, retail, and a lower cost of living. The growing population and the demand from the hospital resulted in a Q3 2021 vacancy rate of just 2.3%, which follows a trend of sub 5% vacancy since 2015.
2560 Colorado Boulevard offers investors the opportunity to acquire a high-quality medical asset tied to a major hospital in a growing infill submarket of Los Angeles on the forefront of the next boom.