AP NEWS

Hospital sale closes

February 3, 2017

NEEDLES — The total sale of the Colorado River Medical Center was completed on Dec. 28, 2016.

“We bought the hospital from the city and took over management on Feb. 28, 2013,” said Steve Lopez, CEO/CFO at Colorado River Medical Center. “On May 31, 2013, we closed escrow with the city, they handed us the keys but we didn’t own all of the land.”

Colorado River Medical Center is on five acres of land and two-and-a-half of those acres belonged to The Bureau of Land Management Needles Field Office. The total sale of the medical center was $2.2 million and $377,000 of that was used to buy the 2.2 acres from the BLM.

“That acreage of land was owned by the BLM and it was allowing the city to use the land, but we wanted to have ownership of that land,” said Lopez.

“The reason is that we can go out and get a commercial real estate loan. When we didn’t own the land we couldn’t get it refinanced or get a loan for the property. It’s the same if you’re buying a house, when you want to buy a house you also want to own the land so if you want to refinance or sell your house you can do it.”