Easterly Government Properties to Acquire Second Largest VA Outpatient Facility
- Mar 27, 2017
San Bernardino, Calif.—Easterly Government Properties Inc. has agreed to acquire the Department of Veterans Affairs Ambulatory Care Center at 26001 Redlands Blvd. in Loma Linda, Calif. The acquisition is expected to close in the second quarter of 2017, subject to customary closing conditions. The estimated combined purchase price of VA-Loma Linda and the company’s separate announced VA-South Bend transaction is estimated to be $260 million.
VA-Loma Linda is a brand new 327,614-rentable-square-foot ambulatory care facility for U.S. veterans. The property is the VA’s second largest outpatient facility in the country, sitting on a 37-acre site within a metropolitan area with the largest concentration of U.S. veterans in the country. Located just off I-10 and two miles northeast of the federally-owned Jerry L. Pettis Memorial VA Center, the LEED Silver certified build-to-suit construction is 100 percent leased to the U.S. Government through May 2036 for a total initial, non-cancelable lease term of 20 years. Loma Linda alone has seven hospitals and medical centers, all within a few miles from one another and is also home to the Loma Linda University Health network.
“Easterly has more actively monitored the VA for the past eighteen months as they continue to transform from an older hospital-centered inpatient care infrastructure to this new, state-of-the-art ambulatory care health system. Easterly saw the opportunity to make an entrance into the VA market and has done so with the purchase of this new, Class A build-to-suit facility with an initial 20-year lease,” said William Trimble III, CEO of Easterly Government Properties, in prepared remarks.
The center is projected to account for approximately 72,000 veterans receiving care through the VA Loma Linda Healthcare System. The facility offers comprehensive services ranging from primary care, women’s healthcare, outpatient mental health services, outpatient physical medicine and rehabilitation, dental, employee health, imaging services and blood draw services.
Image courtesy of Easterly Government Properties