Palomar Health‘s outpatient facility in Poway has been sold and leased back in a $100 million transaction brokered by Cushman & Wakefield.
The 160,000-square-foot Pomerado Outpatient Pavilion is primarily occupied by Palomar Health and its associated medical groups and is adjacent to the healthcare provider’s Poway hospital.
The sale was made to a publicly-traded real estate investment trust which was not identified but described as “an experienced owner of medical office buildings.”
Travis Ives, managing director of Cushman & Wakefield’s San Diego office, said the transaction was part of a long-term financial strategy that will save Palomar Health $2 million annually while freeing funds for tenant improvements.
“The savings achieved and access to fresh capital will support our commitment to delivering the best care to the communities we serve while being good stewards of the district’s assets,” said Diane Hansen, Palomar Health’s chief executive officer.
Established in 1948, Palomar Health serves more than half a million people in north San Diego County through two medical centers and more than 900 affiliated medical providers.