ING Clarion Partners Joint Venture Acquires Valley Parkway Health Center in San Diego for $28 Million

The four-story Valley Parkway Health Center is situated at 488 East Valley Parkway, adjacent to the Palomar Medical Center and within close proximity to the proposed Palomar Medical Center West, which is scheduled for completion in 2011. The in-fill location is supply constrained, with limited possibilities for additional new construction. The facility is 96 percent leased and primarily serves San Diego County, the second most populated county in California and one of the top-performing economic areas in the country. Escondido has been named among the best places in the west to retire by Money Magazine.

“The combination of a vibrant local economy and an excellent location make Valley Parkway Health Center an extremely attractive acquisition,” said Edward M. Rotter, Managing Director at ING Clarion. “We look forward to continuing to expand our holdings in the medical property sector of the market.”

This is the sixth property acquired by the ING Clarion – Montecito Medical joint venture since it was announced in February of this year.