Inland Empire MOB Lands Refi
- Jul 25, 2019
A joint venture between Omni West Group and HG Capital has taken a $3.4 million mortgage to refinance JFK Medical Plaza, a 30,192-square-foot Class B medical office building in the Inland Empire. The Nikols Co. originated the loan, which paid down a $2.5 million CMBS financing package from 2015, according to Yardi Matrix. U.S. Bank was the trustee for the CMBS pool.
Located at 41120 Washington St. in Bermuda Dunes, Calif., JFK Medical Plaza is a short distance from Interstate 10, roughly 18 miles southeast of downtown Palm Springs, Calif. The property is within 10 miles of Eisenhower Medical Center and JFK Memorial Hospital.
Developed in 1994 on a 4.2-acre site, JFK Medical Plaza includes 1,000 square feet of retail, per Yardi Matrix. The previous owner, Tenet Healthcare, renovated the two-story building in 2008. The asset’s tenant roster includes Desert Oasis Healthcare and a pharmacy. The property includes an atrium lobby, a medical elevator and 133 parking spaces.
Medical properties are showing promise for developers in the Inland Empire market. All major office developments currently underway in the market have health-care components, per Yardi Matrix data. In early 2018, Trammell Crow Co. broke ground on a 200,000-square-foot medical office building on Riverside University Health System’s campus in Moreno Valley, Calif.