Allied Pacific IPA, an Alhambra-based health maintenance organization, has purchased the site of the former Pacific Alliance Medical Center – a 90,000-square-foot hospital at 531 W. College St. in Chinatown.
The buyer paid $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 deal closed in late June, according to a CBRE representative.
The French Society is a nonprofit 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 would need $100 million in renovations to meet state seismic safety requirements.
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.
Urgent care is an $18 billion industry that is expected to grow 5.8 percent annually through 2018, according to the Urgent Care Association of America, stimulated by a lack of primary care physicians.
– Ciaran McEvoy
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