Los Angeles Chinatown Hospital Sells For $33M
A hospital that had been a pillar in the Chinatown neighborhood in Los Angeles for more than 100 years will remain a medical facility.
San Gabriel Valley-based Allied Pacific IPA has acquired the 90K SF former Pacific Alliance Medical Center hospital in Los Angeles’ Chinatown from La Societe Francaise De Bienfaisance Mutuelle De Los Angel for $33M.
CBRE had listed the property as a mixed-use development site, causing anxiety amongst residents and city officials about the future of the site.
But Allied Pacific IPA officials, who had targeted the site early in the bidding process, said they wanted to continue running it as a medical care facility.
After the sale, the group said it plans to revamp the existing structure and use it as an urgent care facility, according to CBRE officials in a news release.
CBRE’s Bradford McCarthy represented the seller, also known as the French Society, in the transaction. Allied Pacific IPA represented itself.
Built in the 1860s, the 2.5-acre property at 531 West College St. was known as the French Hospital until 1989, when it was leased to a different ownership and renamed Pacific Alliance Medical Center.
The 128-bed Pacific Alliance Medical Center closed in November after Pacific Alliance officials said the company could not afford the $100M in renovations to retrofit the building to comply with the state’s building seismic standards.
