Mountain View, Calif.-based El Camino Health purchased a medical office complex in San Jose, Calif., for $19.5 million, The Mercury News reported Sept. 15.
The hospital purchased the 35,300-square-foot building from the Sobrato Organization, a real estate developer.
El Camino Health operates Willow Glen Urgent & Primary Care Clinics, which are located within the building. The deal allows the hospital to continue providing healthcare services and keep control of its facilities, The Mercury News reported.
The purchase was arranged through six CBRE commercial real estate brokers.
"The shortage of medical office space in this area will continue to place upward pressure on rental rates and continued increase on medical office building values," Scott Prosser, a CBRE commercial real estate broker, said.