Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to present to qualified investors an opportunity to acquire WelbeHealth Long Beach Center (“Facility” or “Property”), a Class A PACE facility located in the heart of Long Beach, California, in Los Angeles County. The Property is 100 percent leased and occupied by WelbeHealth (“Welbe”) for 15 years. Welbe is one of the fastest growing operators of PACE facilities in the United States with significant market share in California. PACE (Program of All-Inclusive Care for the Elderly) is a community-based, comprehensive care program providing high-cost seniors with complex medical needs and a nursing home level of care.
The Long Beach location provides services for seniors throughout Los Angeles County, with most seniors coming from South Los Angeles, Torrance and PalosVerdes. The dense population of Long Beach (over 400,000), the fifth largest city in California, and the extraordinary projected growth of the senior population of over 2.0 percent annually, provides favorable conditions for the ongoing operations of the Facility.
Welbe invested $2.7 million ($170 PSF) of its own capital into the facility further solidifying their long-term commitment to the Property. Medical specialties provided at the Property include primary care via five exam rooms, wound care, dental care, cardiology, and dementia care. On site amenities include a rehabilitation gym, salon, family conference room, laundry, warming kitchen with staff, outdoor patio garden and special planned events such as art classes, exercise groups.
The Property offers investors the potential to acquire purpose-built real estate and the opportunity to partner with a high growth tenant that provides mission-based services to the community.
- 15,860 square foot, Class A new construction PACE facility strategically located in desirable infill Long Beach, CA
- 15 years of remaining lease term with 2.25 percent annual rent escalations
- Welbe has invested over $2.7 million ($170 PSF) of their own capital into the buildouts of the Property
- WelbeHealth currently has 7 centers open in CA and is in good financial standing and have always met their financial obligations
- WelbeHealth opened the Long Beach Center in 2020 and has continued to grow the center Year-over-Year (YoY)
- Opportunity to build a relationship with Welbe as they continue to grow and expand
- Area demographics point to high seniors growth, benefitting the WelbeHealth Long Beach Center over the long term