Business

Turner Impact Capital Lands $29M for San Diego MOB

3 months ago

The company acquired the asset in April for $18 million. The post Turner Impact Capital Lands $29M for San Diego MOB appeared first on Commercial Property Executive.

Chula Vista Medical Arts I came online in 1973 and underwent cosmetic renovation in 2013. Image courtesy of CommercialEdge

Turner Impact Capital’s Healthcare Facilities Fund has received $29.1 million in financing for Chula Vista Medical Arts I, a 64,231-square-foot medical office building in Chula Vista, Calif. Siemens Financial Services provided the loan, with a maturity date set for 2031, according to San Diego County records. JLL represented the borrower.

Turner Impact Capital owns the Chula Vista property since April 2024. The company acquired the asset for $18 million from Welltower, CommercialEdge data shows. Last month, Turner sold Chula Vista Medical Arts II to the Cypress West Partners and TPG Angelo Gordon joint venture, for $11.6 million.

The tenant roster includes Quest Diagnostics, Colton Health and Mora Family Dental, among others. Current trends in medical office building occupancy show a focus on wellness, catering to the aging population and urgent care services.

In March, Turner also secured a $6.7 million, three-year loan for 1650 Adams Ave. in Costa Mesa, Calif. The borrower will retrofit the 6,700-square-foot asset into a community health center for Share Our Selves.

The owner will use the funds to convert both buildings into modern medical facilities.

Senior Managing Director John Chun and Director Matt DiCesare with JLL Capital Markets led the team representing the borrower in both transactions.

Facility ready for renovation

The five-story Chula Vista building came online in 1973 and underwent cosmetic renovation in 2013. The low-rise, Class B facility features two passenger elevators, controlled access and offers 94 car parking spaces. The owner will renovate and turn a section of the building into a community health center for San Ysidro Health.

Located at 480 4th Ave., the property is adjacent to the Scripps Mercy Hospital Chula Vista and has access to interstates 5 and 805. Downtown San Diego is some 10 miles northwest of the facility. Other medical providers in the surrounding area include Turullols Medical Center, California Medical Injury & Rehabilitation Physicians and Adams Medical Clinic.

The post Turner Impact Capital Lands $29M for San Diego MOB appeared first on Commercial Property Executive.