Located in the heart of Palm Springs, this property features four medical office buildings situated within a beautifully landscaped campus setting. Two of the buildings are LEED Silver certified. The property is one of the most identifiable medical complexes in the Coachella Valley and serves as the flagship site for Desert Oasis Healthcare (DOH), the largest primary and multi-specialty healthcare provider in the Valley. Given the market’s scarcity of clinical space and an aging, growing population, the property is poised to be a mission-critical healthcare destination for years to come.
When beginning due diligence on the campus, Remedy discovered the buildings were on a short-term ground lease. Rather than ding the seller, Remedy took it upon itself to obtain an extension from the local airport authority. After closing, Remedy put its flexible platform to work for DOH, extending its lease and maximizing its tenant improvement allowance so that the physician group could pay for a full renovation. DOH requested to use part of its allowance on solar panels (an unqualified expense). Remedy, in its commitment to environmental responsibility and its tenants’ well-being, made an exception that will save DOH $738,000 in future energy costs.
Transaction Date: July 2014
in energy savings over 30 years