La Quinta Medical Center
San Juan Capistrano, CA
2015
40,268 RSF
The La Quinta Medical Center is a multi-tenant medical office building comprising approximately 41,603 rentable square feet with a stabilized year-1 NOI of approximately $1,308,170. The Property is a two-story best-in-class Class ‘A’ medical office building located in the city of La Quinta featuring excellent access and visibility. The La Quinta Medical Center is 100% leased to a strategically diversified and synergetic mix of healthcare providers. The Building is anchored by Desert Regional Medical Center and JFK Memorial Hospital, members of Tenet Healthcare (NYSE:THC), representing approximately 75% of the Building’s occupancy. Following the recent announcement to acquire Vanguard Health Systems (NYSE:VHS), Tenet Healthcare will be the third-largest for-profit hospital operator in the nation with 79 affiliated hospitals.
The Building is an integral location for Tenet Healthcare as evidence by its long-term tenancy and expansion in the Building, patient volume, and $12.5 million investment towards additional tenant improvements, specialized equipment, and FF&E. Of Tenet Healthcare’s leased space at the La Quinta Medical Center approximately 89% of its space has recently been State Certified as Hospital Space providing a higher Medicare reimbursement rate.
Capital Investments
In addition to Accretive La Quinta Partners, LLC’s substantial capital investment towards the La Quinta Medical Center, Tenet Healthcare System has invested-over $12.5 million towards additional tenant improvements, specialized equipment, and FF&E in its spaces in order to achieve State Certification as Hospital Space, which provides a higher Medicare reimbursement rate Collectively, these capital improvements have enabled the La Quinta Medical Center to maintain its highly competitive status and attractive condition in Riverside County.