Crescent Heights has purchased the Wilshire Medical Center at 6200 Wilshire Blvd. from Wilshire Center Building for $54.3 million, records show.

The 113,000-square-foot Mid-Wilshire property was only 46% occupied at the time of the sale, according to CoStar Group Inc.

The buyer plans to renovate the site, spending roughly $100 per square foot, CoStar said.

Crescent Heights did not return requests for comment on the purchase and renovation plans.

Medical office buildings have been in high demand, and many building owners are looking to take advantage of the rising market by selling existing sites and developing new properties.

Downtown-based Inception Property Group recently announced plans to build a roughly 151,000-square-foot outpatient medical office and senior living project at 1334-1356 S. Flower St.

Inception expects to break ground on the project in 2021 and be ready for patients and residents in 2023. The company previously opened the 1.5-acre Downtown West Medical health care campus, which is 100% leased by HealthCare Partners.

Westwood-based Stockdale Capital Partners plans to build a 145,000-square-foot medical office building at 656 S. San Vicente Blvd. just outside of Beverly Hills. The property, which is expected to open in 2022, will also have 5,000 square feet of retail space.