Tri-City Healthcare District, which operates Tri-City Medical Center in Oceanside, said it has purchased both the 58,000-square-foot building, occupied by Tri-City Wellness Center, and the adjacent 25,000-square-foot Medical Office Building for $47 million.
Tri-City Healthcare District acquired the buildings from their original owner, ECR Corporate Center. Tri-City Medical Center had been leasing the properties from ECR.
“This acquisition benefits the long-term financial health of Tri-City Healthcare District,” Tri-City Medical Center CEO Larry Anderson said in a statement. “By purchasing these facilities, Tri-City Medical Center will save as much as $60 million by the end of the lease period and will increase its current liquidity by $10 million in addition to owning the Wellness Center and the Medical Office Building.”
— SDBJ Staff Report