Los Angeles-based Cedars-Sinai has acquired the Beverly Connection shopping center for $270 million as it aims to expand its footprint and plan for future healthcare delivery in the region.
Four things to know:
1. The roughly 10-acre retail complex sits one block east of Cedars-Sinai Medical Center’s main campus on Beverly Boulevard, where the system has grown for decades but now faces space constraints. Leaders said the acquisition is a long-term strategic move to support the next phase of campus development.
“The strategic acquisition of the Beverly Connection will provide long-term options for Cedars-Sinai to revitalize our medical campus and provide the most advanced care to our patients and the community well into the next century,” Peter Slavin, MD, president and CEO of Cedars-Sinai Medical Center and Cedars-Sinai Health System, said in a March 13 news release.
2. The purchase reflects a broader effort by Cedars-Sinai to adapt to evolving healthcare needs in Los Angeles, where population growth and demand for advanced services continue to rise.
3. Cedars-Sinai leaders said planning for the site will be deliberate, mirroring the approach taken decades ago when Cedars of Lebanon Hospital and Mount Sinai Hospital merged to form the modern medical center, which opened in 1976.
4. The health system does not expect immediate changes to the property. The shopping center’s tenants will continue operating as usual while the system evaluates future uses for the site.
“The Beverly Connection is a prime location that deserves thoughtful planning to ensure we best meet the needs of Los Angeles and beyond for decades to come,” David Wrigley, executive vice president of finance and CFO of Cedars-Sinai Health System, said.
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