By Lilly Riddle
A unique investment opportunity has emerged with the availability of two Class A medical office buildings, fully leased by the County of Riverside. Operated by Riverside University Health System, the portfolio — listed by Healthcare Real Estate Advisors — consists of the Jurupa Valley Community Health Center and the Corona Community Health Center. The former is located at 8876 Mission Blvd. in Riverside, the second at 2813 South Main St. in Corona. Both properties total 85,204 square feet. An asking price is not currently listed; potential buyers are asked to request their own terms when submitting a non-binding offer.
Located within the Riverside-San Bernardino-Ontario MSA, the 13th most populous metropolitan area in the U.S., the properties offer accessibility via major freeways, including Interstate 15 and California State Route 60. This location provides access to a large catchment area of more than 4.6 million residents.
Built in 2018 and 2019 as Federally Qualified Health Centers, the Jurupa Valley and Corona Community Health Centers offer medical services including primary, perinatal, orthopedic and specialty care, as well as dental and behavioral health. Each center is part of the Riverside University Health System, which operates 13 outpatient community health centers and the Riverside University Health System Medical Center, a Level I Trauma Center and teaching hospital.
Both office buildings provide a range of medical services, including primary care, perinatal care, orthopedic care, cancer screening, specialty care and dental. Each facility is equipped with an on-site pharmacy, laboratory and imaging center, ensuring healthcare services for the community.
Some investment highlights include assumable fixed-rate debt, which is available for both properties, with rates of 4.37 percent for Jurupa Valley and 4.06 percent for Corona. Both buildings are less than six years old and offer modern facilities and infrastructure. According to the marketing document, a 20-year lease with the County of Riverside ensures a stable income stream with a weighted average lease term of 14.4 years remaining. Jurupa Valley has a five-to-1,000-square-foot parking ratio, and Corona has a six-to-1,000-square-foot parking ratio.
The Riverside University Health System Portfolio presents an investment opportunity in a growing market with a stable, investment-grade tenant. With its location, facilities and essential healthcare services, the portfolio is well-positioned for long-term success, according to the offering memorandum from Healthcare Real Estate Advisors.
The Riverside-San Bernardino-Ontario area has experienced a population increase of 10.3 percent since 2010 and boasts strong demographics, per the marketing documents, with an average household income exceeding $103,000. However, potential buyers may face challenges due to limited inventory and competition from other buyers, based on industry reports.
Ryan Michaels and Mike Spisak of Healthcare Real Estate Advisors are leading the marketing efforts for this property.
