2140 Grand Ave, Chino Hills, CA for Sale
Medical - FOR SALE
1/14
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2140 Grand Ave
Chino Hills, CA 91709


HIGHLIGHTS

  • 79.8% leased purpose-built MOB anchored by Pomona Valley Hospital Medical Center (PVHMC)
  • Chino Hills is part of the Inland Empire outpatient medical market, comprised of 228 properties totaling 6.0M SF

OVERVIEW

STABILIZED MOB ANCHORED BY POMONA VALLEY HOSPITAL MEDICAL CENTER *79.8% leased purpose-built MOB anchored by Pomona Valley Hospital Medical Center (PVHMC), a 437 bed fully accredited, acute care hospital serving eastern Los Angeles and western San Bernardino counties. *Originally built to accommodate PVHMC in 2004, PVHMC recently renewed its commitment to the building by signing a new 7-year NNN lease through December 31, 2029, with 2.5% fixed annual increases. PVHMC currently accounts for ±48% of the rentable building area. *High Credit Anchor: Prior to retiring all its outstanding debt, PVHMC was rated in Standard & Poors ‘BBB’. As of April 2021, PVHMC's Annual Net Patient Revenue was ±$650M (90th Percentile). *Stable Cash Flow with Upside: The rent roll has a mix of 12 tenants with a remaining WALT of ±4.1 years. Other than PVHMC, no other tenant occupies more than ±6% of the rentable area, with no more than ±16.6% of rental area rolling each year. New ownership can improve NOIs by moving in-place rents to market and lease-up remaining vacancies. STRONG MEDICAL OFFICE FUNDAMENTALS *Chino Hills is part of the Inland Empire outpatient medical market, comprised of 228 properties totaling 6.0M SF, with a very low vacancy rate of 4.5% and 11.5K SF of positive net absorption as of 1Q24. *The Chino Hills Professional Plaza MOB is situated in a densely populated region, having ±275K people within a 5-mile radius of the property, of which 12.3% are 65 and older, creating a strong and increasing demand for healthcare services. *Within the competitive set, the vacancy rate is a tight 3.3%. EXCELLENT MEDICAL OFFICE LOCATION IN AFFLUENT CHINO HILLS, CA *Within a one-mile radius of the property, Average Household Incomes are $154K and Median Home Values are $942K. *High Visibility: Situated at the northeast corner of Grand Avenue and Chino Hills Parkway, the Property benefits from high visibility to approximately ±46,500 cars passing it in either direction each day. *Convenient Access: Grand Avenue links with State Highway 71 to the east, providing direct access to Interstates 10 and 60 to the north and Highway 91 to the south, making the Property accessible to the counties of Los Angeles, Orange County and San Bernardino.

FOR SALE DETAILS

PRICE

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CAP RATE

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% LEASED

-

TENANCY

Multiple

SALE TYPE

Investment

BUILDING DETAILS

PROPERTY NAME

Chino Hills Professional Plaza

PROPERTY TYPE

Office

PROPERTY SUBTYPE

Medical

TOTAL BUILDING SIZE

-

STORIES

2

BUILDING CLASS

B

YEAR BUILT

2003

SPRINKLERS

-

PARKING SPACES

341

LAND DETAILS

LAND ACRES

2.04 AC

LAND SF

88,862 SF

ZONING

PD

APN/PARCEL ID

0266-391-05,1024-511-02

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