Harrison Street, with approximately $56 billion in assets under management, announced the acquisition of Palomar Health Outpatient Center III in Escondido, California for an undisclosed price.
Palomar Health Outpatient Center III is a newly developed 72,000 square foot medical office building (MOB) located on the modern campus of Palomar Medical Center Escondido (PMCE).
The 56-acre PMCE campus was purpose-built to serve the North County San Diego region. Anchored by Palomar Medical Center, a 288-bed acute care hospital constructed in 2012, the campus also includes three Class-A MOBs that are 100% leased to the Palomar Health system.
Harrison Street is headquartered in Chicago with offices in London, Toronto, San Francisco and Washington, D.C. It has more than 245 employees. Clients include a global institutional investor base in North America, Europe, Middle East, Asia and Latin America. Since its inception in 2005, Harrison Street has invested in 379 medical office properties globally at a cost of approximately $9.2 billion.
Following its acquisition of Palomar Health Outpatient Center III, Harrison Street will own all MOB assets on the PMCE campus. Financial terms of the deal were not disclosed.
According to data captured in the LevinPro HC database, this represents the 131st MOB transaction of 2023. This also marks Harrison Street’s third transaction of 2023, and its seventh since January 2022.
