Douglas Emmett, a real estate investment trust, has acquired an outpatient medical portfolio in Beverly Hills, Calif., for $260 million.
The 246,000-square-foot portfolio is currently 95% leased and serves more than 100 tenants, according to an April 14 news release from Douglas Emmett.
The transaction was completed using a newly formed $150 million equity joint venture fund managed by Douglas Emmett and a $130 million secured loan.
Several of the medical office buildings in the portfolio have a history of high occupancy and low tenant turnover.
With the acquisition, Douglass Emmett owns about 33% of the Class A office inventory in Beverly Hills, the release said.
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