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Sunday, Jun 16, 2024
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Building Housing VA Clinic Gets New Owner

Gatehouse Bank Plc, a London-based investment bank led by Kuwaiti investors, has sold the building housing the VA Oceanside Clinic for $54.5 million.

The 80,000-square-foot building, built in 2010 at 1300 Rancho Del Oro Road, remains leased and operated by the U.S. Department of Veterans Affairs, according to a Gatehouse statement. Gatehouse had owned the property for 18 months.

The new owner of the building is Cole Real Estate Investments of Phoenix, according to CoStar Group. The property was sold on behalf of the former owner by Connecticut-based investment management firm Arch Street Capital Advisors LLC.

Gatehouse is among the largest Islamic banking organizations in the United Kingdom, according to the bank’s statement, and has made more than $460 million in international real estate investments in the past two years.

Chairman Fahed Booda said Gatehouse will continue acquiring office, student accommodation and logistics properties in the coming year.

— Lou Hirsh

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