Marcus & Millichap Announces $9.25 Million Sale of Class B MOB in New Jersey

Marcus & Millichap announced the $9.25 million sale of the Morristown Medical Arts Center, a Class B medical office building in Morristown, New Jersey.

Marcus & Millichap’s Jesse Limon and Steven J. Seigel sold the property to a private investor on behalf of an institutional seller.

The building is currently 96.5% leased and its tenants include Fusion Learning Academy and Affiliated Dermatology, NJBIZ.com reported.

MedSouth Buys MOB in North Carolina for $1.85 Million

MedSouth Healthcare Properties LLC purchased a medical office building in Wilmington, North Carolina, from Coastal Carolina Eye Clinic Partnership LLC for $1.85 million, the Greater Wilmington Business Journal reported.

Coastal Carolina Eye Clinic currently occupies the building.

Janet Rose and Mark Johnson of Coldwell Banker Commercial SunCoast represented the seller.

MedSouth currently manages and owns 12 medical office properties totaling more than 128,000 square feet across the Southeastern United States.

46,000-Square-Foot MOB in Connecticut Sells for $17.75 Million

CPI/AHP Long Ridge MOB Owner LLC acquired a 46,000-square-foot medical office building in Stamford, Connecticut, for $17.75 million. The building houses the Stamford Health Medical Group, which will continue to serve as the tenant post-acquisition.

The medical office building was purchased from Stamford-based 260 Long Ridge Land LLC. Anchor Health Properties, headquartered in Charlottesville, Virginia, is the principal firm in CPI/AHP Long Ridge, Stamford Advocate reported.

“We are interested in owning and managing the building on a long term basis,” Anchor Health Properties spokeswoman Jill Higgins said. “Anchor will contribute capital over time as needed to maintain the building to a Class-A status.”

The building houses doctors who concentrate on primary care, endocrinology, cardiology, neurology, gynecology, obstetrics and orthopedics. The property also features a walk-in center and diagnostic imaging labs.

American Healthcare Investors Subsidiary Buys MOB in New Jersey

GAHC3 Voorhees NJ MOB LLC, a subsidiary of Irvine, California-based American Healthcare Investors, acquired a 48,000-square-foot medical office building in Voorhees, New Jersey, from Allcol Surgery Holdings LLC for $11.3 million.

Real estate services company Markeim Chalmers Inc. helped broker the transaction, Philly.com reported.

Griffin-American Healthcare REIT IV Agrees to Acquire MOB in Pennsylvania

Griffin Capital Corporation and American Healthcare Investors, the co-sponsors of Griffin-American Healthcare REIT IV, Inc., announced that the real estate investment trust (REIT) has entered into an agreement to purchase Pottsville Medical Office Building in Pottsville, Pennsylvania.

The purchase price was not disclosed.

The 36,000-square-foot building, which was built in 2004, is 100% leased to several physician practice groups, including Integrated Medical Group, PC, which occupies about 64% of the building and has been a tenant since the building’s construction was completed.

“Properties like Pottsville Medical Office Building, which is located near well-performing hospitals and enjoys strong occupancy from quality tenants, are primary acquisition targets for Griffin-American Healthcare REIT IV,” said Danny Prosky, a principal of American Healthcare Investors and president and chief operating officer of Griffin-American Healthcare REIT IV.

The acquisition is subject to customary closing conditions and the satisfaction of additional requirements as outlined in the agreement.

Montecito Medical Acquires Three HMG Assets in Tennessee and Virginia

Montecito Medical, a Nashville-based privately-held owner of medical office buildings across the country, has acquired three buildings from Holston Medical Group (HMG) totaling 276,823 square feet in Weber City, Virginia, and Duffield, Virginia, and Kingsport, Tennessee.

The financial details of the transaction were not disclosed.

The “trophy asset” in Montecito’s latest acquisition is the 231,486-square-foot Class-A HMG Medical Plaza, which is located directly next to to the 379-bed Wellmont Holston Valley Medical Center, Montecito Medical said in a press release.

The transaction brings Montecito’s medical real-estate acquisitions to more than $1.2 billion in 19 states since the company was founded in 2005. The company is under contract to close on three more HMG medical office buildings prior to the end of 2016, and intends to invest an extra $500 million in medical office buildings through the end of 2016.

HMG is one of the biggest multi-specialty groups in the southeastern United States, with almost 150 primary-care doctors and specialists. HMG specialties include asthma, allergy, ear-nose-throat, gastroenterology, general surgery, endocrinology, long term care, obstetrics/gynecology, occupational medicine, oral and maxillofacial surgery, rheumatology, orthopedics, and family and internal medicine.

University of Oklahoma Acquires Four MOBs in Oklahoma

The University of Oklahoma Board of Regents acquired four medical office buildings in the Oklahoma cities of Edmond, Midwest City and Oklahoma City from Newton, Massachusetts-based real estate investment trust (REIT) SNH Medical Office Properties.

The purchase price totaled $20.15 million.

The four buildings were built between 1982 and 1992 and include approximately 210,000 square feet of space. At the time of the sale, all four buildings were under a master lease with the Oklahoma City Clinic, The Oklahoman reported.

Tom Fields and Craig Tucker of Price Edwards & Co. brokered the transaction on behalf of SNH Medical Office Properties.

Avison Young Brokers $14.4 Million Sale of Mixed-Use Property in Metro Atlanta

Avison Young brokered the $14.4 million sale of Shoppes at Vickery Village, a 77,794-square-foot mixed-use project in Cumming, Georgia, to Vickery Village Community LLC.

Shoppes at Vickery Village features 2,525-square-feet of medical space.

David Duckworth and A.J. Belt III of Avison Young represented the seller, Vickery Village Holding LLC, a group headed by Atlanta-based Cannon Equities.

Written by Mary Kate Nelson