Allied Pacific IPA, an Alhambra-based health maintenance organization, has purchased the site of Pacific Alliance Medical Center – a 90,000-square-foot hospital at 531 W. College St. in Chinatown – for $33 million, or nearly $367 per square foot.
Bradford McCarthy, a senior vice president at CBRE Group Inc., represented the seller, La Societe Francaise De Bienfaisance Mutuelle De Los Angeles (better known as the French Society) in the deal. Allied Pacific represented itself.
The French Society is a non-profit organization founded in the 19th century by French settlers in Los Angeles.
Pacific Alliance Medical Center closed in November 2017 after its board announced the 128-bed, 157-year-old hospital did not meet state seismic requirements and would need $100 million in renovations.
Allied Pacific said it plans to revamp the building, which sits on 2.5 acres of land, into an urgent care facility. A reclassified urgent care facility wouldn’t require a seismic renovation because it would not admit overnight patients.
The deal closed late last week, according to a CBRE Group representative.
Real estate reporter Ciaran McEvoy can be reached at email@example.com or (323) 556-8337.