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Shuttered 128-bed California hospital sells for $33M

Los Angeles-based Pacific Alliance Medical Center, which closed last November due to costs related to retrofitting its facilities to meet the state's seismic standards, was recently purchased by a physician group for $33 million, according to the Los Angeles Business Journal.

Alhambra, Calif.-based Allied Physicians of California, or Allied Pacific IPA, bought the 90,000-square-foot hospital for roughly $367 per square foot from La Societe Francaise De Bienfaisance Mutuelle De Los Angeles. The deal closed last week, the report states.

Allied Pacific said it plans to remake the shuttered 128-bed hospital into an urgent care facility. The move would not require a seismic renovation, as urgent care facilities do not admit patients overnight. The organization placed a bid to acquire the property in February.

Pacific Alliance Medical Center closed in November 2017 after its board announced the 157-year-old hospital did not meet California's seismic requirements and would need $100 million in renovations to meet the requirements.

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