MOB Transactions Roundup: Avison Young, CBRE

Avison Young Brokers $5.6 Million Sale-Leaseback of Atlanta MOB

Avison Young recently arranged the $5.6 million sale-leaseback of a medical office building in Dunwoody, Georgia. The 16,500-square-foot building has 12 examination rooms and a rehabilitation center on-site.

The seller, Progressive Medical, has occupied the building since 1998 and recently signed a 12-year lease with the new owner as part of the deal. The buyer was not disclosed.

Sean Moynihan and Art Waldrop of Avison Young brokered the deal.

Origin Investments Sells 90,000-Square-Foot MOB in Texas

Origin Investments recently sold Kingwood Medical Arts, a 90,000-square-foot medical office building in Kingwood, Texas. The property was acquired by a health care real estate investment trust (REIT) for an undisclosed price.

Kingwood Medical Arts is anchored by a 30,000-square-foot surgical center and operated by a venture between United Surgical Partners and Memorial Hermann Health System.

Gladstone Commercial Corporation Announces MOB Disposition

Gladstone Commercial Corporation (Nasdaq: GOOD), a real estate investment trust (REIT) that concentrates on operating, acquiring and owning net leased office and industrial properties, recently announced that it completed the disposition of a 23,368-square-foot medical office building in Toledo, Ohio, for $3.2 million.

The building was leased to Mercy Health with about 4 years of remaining lease term. The company recognized a levered IRR of 11% on its investment, according to a press release.

Everest Medical Core Properties Acquires MOB in Kansas

Scottsdale, Arizona-based Everest Medical Core Properties, an institutional real estate manager focusing on medical core real estate properties across the United States, recently acquired a 52,000-square-foot medical office building in Overland Park, Kansas.

The property — Foxhill Medical Center — is a three-story medical office building with both medical and dental suites. The building is 97% occupied.

Ensemble Real Estate Solutions Brokers $4 Million Sale of MOB in Arizona

Ensemble Real Estate Solutions recently arranged the sale of Harbor Shores Medical Center in Gilbert, Arizona, for $4 million.

Jabel Holdings LLC bought the 54,464-square-foot, multi-tenanted medical office building from Zalanta Resort at the Village LLC.

Marina Hammersmith, Tracy Altemus and Autumn Storm of Ensemble represented the seller. Zalanta’s broker was Michael Gustafson with Sperry Van Ness.

The property’s current major tenants include a dermatology and a pediatrics practice. Ensemble has been retained by Jabel Holdings LLC to keep leasing the building.

Carter Validus Mission Critical REIT II Buys MOB in New Jersey for $64 Million

Tampa, Florida-based Carter Validus Mission Critical REIT II Inc. recently purchased the Select Medical Rehabilitation Facility, a three-story, 89,000-square-foot rehabilitation building in Marlton, New Jersey, for about $63.6 million.

The seller was Welltower, Inc. (NYSE: HCN).

The building is currently 100% net leased to Kessler Institute for Rehabilitation Inc., a subsidiary of Select Medical Holdings Corp.

Services provided at the building include inpatient physical, speech, occupational and recreational therapy, in addition to outpatient aquatic therapy, lymphedema management, prosthetic training, balance rehabilitation, and vestibular therapy.

“We are delighted to add another high-quality, long-term net leased asset to our healthcare portfolio,” John Carter, CVMC REIT II CEO, said in a press release. “We continue to be enthusiastic about our growing pipeline of accretive assets and the value we believe transactions such as this are adding for investors.”

CBRE Arranges Sale of California MOB for $14.3 Million

Real estate firm Worchell Hollywood Properties recently purchased a 25,000-square-foot medical office building in Burbank, California, for $14.3 million, according to the San Fernando Valley Business Journal.

The seller, the not-for-profit Motion Picture & Television Fund, was represented by Chris Isola, Chris Bodnar, Bryan Lewitt and Lee Asher of CBRE Group Inc. CBRE’s Alex Kozakov and Patrick Wade represented the buyer.

The property is currently leased by the Regents of the University of California and occupied in full by UCLA Health.

Written by Mary Kate Nelson