UCLA is continuing its dynamic expansion in Los Angeles with a new acquisition and redevelopment plan. The university recently acquired an equity position in the 170,000-square-foot facility at 5210 Pacific Concourse in the South Bay area for $55 million, equating to $324 per square foot, according to public documents and industry reports. The facility, which Karney Properties purchased in 2017 for $53 million, sits on 9.5 acres between El Segundo and Hawthorne and is strategically off Interstate 405 near Los Angeles International Airport (LAX).
The South Bay property, which UCLA plans to transform into a state-of-the-art center for its Health Sports Medicine Institute, is part of the university’s $90 million redevelopment vision, according to a report in the Commercial Observer. The facility may include an ambulatory surgery center, a medical clinic, advanced imaging technology, a microbiology and serology lab, and a specialty pharmacy. This will allow UCLA to leverage existing infrastructure and integrate cutting-edge technology to enhance its healthcare offerings for the local community.
The facility may align well with the university’s goals, enabling the expansion of patient care services in a space equipped with adaptable lab facilities. Karney Properties previously acquired the building from Siemens Corporation and updated the space in 2020, adding a café, library, and common areas.
Newmark facilitated the transaction for UCLA.
Earlier this year, UCLA has acquired the former Westside Pavilion shopping mall for $700 million, looking to transform it into the UCLA Research Park, a 700,000-square-foot facility located near UCLA’s Westwood campus. The research park will house significant interdisciplinary research centers, including the California Institute for Immunology and Immunotherapy and the UCLA Center for Quantum Science and Engineering, positioning UCLA as a hub for groundbreaking scientific and medical research. Supported by a $500 million state investment and private donors, the facility aims to attract top researchers and foster innovation across biosciences, quantum computing, and artificial intelligence, benefiting the greater Southern California community and beyond.
The acquisition highlights UCLA’s recent expansion efforts in Los Angeles and marks its third major property purchase within the last couple of years, following acquisitions of a downtown building and a South Bay campus. The project underscores UCLA’s commitment to repurposing existing structures sustainably to meet educational and research demands in an adaptive, resource-efficient manner.
In addition to expanding its facilities, the public university has also been investing in apartments to help expand its housing opportunities across Los Angeles. In September, it spent $39 million to acquire the nearly finished 62-unit Palms Apartments at 3301 Canfield Avenue. Earlier this summer, UCLA announced that it was acquiring the property at 901 Levering Avenue, a 24,000-square-foot building housing 42 residential units.
