PACE facility in Long Beach trades
JLL Capital Markets represented Turner Impact Capital in the sale of the WelbeHealth Long Beach Center
LOS ANGELES, Dec. 5, 2023 – JLL Capital Markets announced today that it arranged the sale of the WelbeHealth Long Beach Center, a newly renovated, 15,860-square-foot PACE (Program of All-Inclusive Care for the Elderly) facility in Long Beach, California.
JLL worked on behalf of the seller, Turner Impact Capital, and procured the buyer.
Located at 1220 E 4th St., the WelbeHealth Long Beach Center is a PACE facility that is fully leased to WelbeHealth, one of the fastest-growing operators of PACE facilities in the U.S. with significant market share in California.
The PACE healthcare program provides comprehensive medical and social services to elderly individuals who are eligible for nursing home-level care but wish to continue living in their own homes. The PACE program is a joint Medicare and Medicaid program and covers a wide range of healthcare services including primary care, rehabilitation, transportation and social services.
The facility, which underwent extensive renovations in 2019, offers a range of medical specialties including primary care, wound care, dental care, cardiology and dementia care. It also features amenities such as a rehabilitation gym, salon, family conference room, laundry facilities and an outdoor patio garden.
The JLL Medical Properties Group Advisory team was led by Directors Matt DiCesare and Jeffrey Cicurel and Senior Managing Directors Andrew Milne and John Chun.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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Jones Lang LaSalle Americas, Inc. ("JLL") is a real estate broker licensed with the California Department of Real Estate, license #01223413.
About Turner Impact Capital
Turner Impact Capital is the nation's largest private equity real estate firm exclusively dedicated to social impact. Based in Santa Monica, California, the firm focuses on creating sustainable solutions for many of today's most daunting societal problems by developing and investing in community-enriching infrastructure in densely populated, underserved communities. The firm seeks to generate superior risk-adjusted financial returns by investing in markets with large supply/demand mismatches of core community infrastructure (i.e. workforce housing, public schools and community-serving healthcare facilities) and a lack of institutional capital.
About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.8 billion and operations in over 80 countries around the world, our more than 106,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.