CLAREMONT MEDICAL PLAZA SELLS FOR $19.8M

CLAREMONT, CALIF. — Claremont Medical Plaza, a 48,984-square-foot medical office building that was specifically built for the Pomona Valley Health System, has sold to a joint venture between CNL Healthcare Properties and Montecito Medical Operating Company. This is CNL’s first medical office building purchase. Montecito purchased its share of the joint venture through its affiliate MMAC Berkshire LLC. Though the JV acquired a majority interest in the building, the seller, StoneCreek Company, will continue to manage the property. The building is currently 89 percent leased. Additional lease commitments are expected to bring the building’s occupancy to 96 percent within a few months. Pomona Valley Hospital Medical Center occupies 77 percent of the building.