UCLA Expands in LA with $55 Million Sports Medicine Site Purchase
University of California’s LA Expansion Continues
The University of California, Los Angeles (UCLA) has continued its expansion in the Los Angeles area by purchasing a 168,400-square-foot office building in the South Bay for $55 million. The building, known as 52Ten, is located at 5210 Pacific Concourse in the unincorporated pocket of Del Aire.
Seller and Purchase Price
The seller, Karney Properties, a Santa Monica-based company, acquired the building from Siemens in 2017 for $53 million, or $315 per square foot. The deal, which works out to $327 per square foot, marks a significant increase in value.
UCLA Health’s Plans
UCLA Health, a leading healthcare provider in the region, plans to redevelop the property into a UCLA Health Sports Medicine Institute. The $90 million project will add an ambulatory surgery center, medical clinic, advanced imaging, microbiology/serology lab, and specialty pharmacy.
Current State of the Property
The building was built in 2002 and was recently upgraded by Karney Properties with a cafe, library, and common room. The property is situated in a prime location, with easy access to the Pacific Coast Highway and the 405 freeway.
UCLA’s LA Expansion
This acquisition is the latest in a series of significant real estate deals made by UCLA in the LA area. In the past two years, the university has purchased several properties, including a 62-unit apartment complex, a hospital, and a shopping mall.
Other Recent Acquisitions
In September, UCLA paid $39 million for a nearly complete, 62-unit apartment complex in Cheviot Hills. In March, the university acquired the 260-bed West Hills Hospital and Medical Center in the west San Fernando Valley from HCA Healthcare. In January, UC paid $700 million for the former Westside Pavilion mall at 10800 West Pico Boulevard in West Los Angeles, which will be converted into office space for Google.
Conclusion
UCLA’s continued expansion in the LA area is a testament to its commitment to providing high-quality healthcare services to the region. The new Sports Medicine Institute will offer patients a range of innovative treatment options and cutting-edge technology, further solidifying UCLA’s position as a leader in healthcare.
Frequently Asked Questions
Q: What is the address of the 52Ten building?
A: 5210 Pacific Concourse, Del Aire, CA 90293
Q: How much did UCLA pay for the 52Ten building?
A: $55 million
Q: What are UCLA Health’s plans for the property?
A: UCLA Health plans to redevelop the property into a UCLA Health Sports Medicine Institute, adding an ambulatory surgery center, medical clinic, advanced imaging, microbiology/serology lab, and specialty pharmacy.
Q: Who is the seller of the 52Ten building?
A: Karney Properties, a Santa Monica-based company.
