Kaiser Permanente Medical Office Property in Cupertino, California Sells for $67 Million

Phoenix-based Vereit Inc. (NYSE: VER) recently sold a medical office property in Cupertino, California, for $67 million, the San Francisco Business Times reported.

The 100,325-square-foot property, which was sold to New York-based Thor Equities, is leased out to Kaiser Permanente through Feb. 2023.

Departments housed in the building include child and adolescent psychiatry, worksite wellness and chemical dependency recovery.

HFF Arranges Sale of Dallas Medical Office Building

HFF (NYSE: HFF) recently arranged the sale of a 32,201-square-foot medical office building in Dallas to Anchor Health Properties. The purchase price was undisclosed.

HFF’s Todd Savage, Philip Mahler, Evan Kovac and Ben Appel represented the seller, Mohr Capital, in the deal.

Coit Medical Center was built in 2009. The building is currently occupied by Greater Dallas Orthopaedics, Legacy Heart Care, Baylor Scott & White Health, Texas Orthopaedic Surgical Associates and Lester Plastic Surgery.

Griffin-American Healthcare REIT IV Buys Evendale Medical Office Building in Ohio

Griffin Capital Corporation and American Healthcare Investors, the co-sponsors of Griffin-American Healthcare REIT IV, Inc., recently announced that the real estate investment trust (REIT) has purchased an approximately 66,000-square-foot medical office building in Evendale, Ohio, from MPEQ Evendale MOB LLC. The purchase price was undisclosed.

The four-story Evendale Medical Office Building is currently about 76.4% leased to several tenants, including Laboratory Corporation of America Holdings, The Procter & Gamble Company and LabOne of Ohio, Inc., doing business as Quest Diagnostics.

The medical office building currently houses primary care, gynecology, dental care, podiatry, obstetrics, laboratory services, general surgery, diagnostic services and ambulatory surgical procedures.

MPEQ Evendale MOB, LLC was represented in the deal by Lee Asher and Chris Bodnar of CBRE, Inc.

Griffin-American Healthcare REIT IV financed the purchase with cash on hand and borrowings under its line of credit with KeyBank, National Association, and Bank of America, N.A.

Medical Office Complex in Amherst, New York, Sells for Over $1 Million

The founder of Arista Development, Robert Nuchereno, recently bought the 23,000-square-foot Maple Ayer Medical Complex in Amherst, New York, Buffalo Business First reported. The complex was purchased from GE Capital for $1.05 million.

Built in the early 1980s, the buildings house several medical and health care-related tenants, the article said.

SunLink Health Systems’ Subsidiary to Sell Medical Office Building Complex in Georgia

SunLink Health Systems, Inc. (NYSE: SSY) recently announced that it sold its medical office building complex in Ellijay, Georgia, to an undisclosed buyer for $4.9 million.

SunLink anticipates to recognize a pre-tax gain on the sale of the property of about $2.7 million and a pre-tax loss on the early extinguishment of the property’s related debt of approximately $300,000 in its second fiscal quarter ending Dec. 31, 2016.

The company anticipates net proceeds of approximately $2.6 million from the sale, which will be used for general corporate purposes and working capital, according to a press release.

Ccare Leases Medical Office Space in San Marcos, California

Ccare recently leased 20,230 square feet of medical office space in the Class-A Nordahl Medical Centre in San Marcos, California. The building, which was developed by Newport National Corp., is now expected to serve as a clinic for Ccare’s hematology and oncology practice.

Dan Yeilding and Lars Eisenhaur of CBRE represented Ccare in the deal, and JLL’s Chris Ross, Paul Braun and Kelly Moriarty represented the landlord.

Cushman & Wakefield Negotiates $21 Million Sale of Medical Complex in Florida

Cushman & Wakefield recently negotiated the sale of a 91,955-square-foot, Class-A medical office campus in Pembroke Pines, Florida, for $21.4 million, Commercial Property Executive reported.

Hamesh Investment LLC purchased the property from The Professional Centre at Pembroke Lakes LLLP.

Cushman & Wakefield Senior Associate Greg Miller, Executive Director Scott O’Donnell, Executive Managing Director Mike Davis and Managing Directors Donna Korn and Dominic Montazemi represented the seller.

The complex’s four two-story buildings are 97.2% occupied. Tenants include Children’s Urology Associates,  Asthma and Allergy Associates of Florida, Pediatric Associates and South Florida ENT Associates.

Marcus & Millichap Arranges Sale of Medical Office in Baltimore for $12.25 Million

Commercial real estate investment services firm Marcus & Millichap (NYSE: MMI) recently arranged the sale of the Baltimore VA Annex, a 74,000-square-foot medical office property fully leased to the Department of Veteran’s Affairs (VA), for $12.25 million, or almost $180 per square foot.

Smelter, Gonzales, Filley and Beck represented the seller, a regional investor with a wide variety of assets.

“This transaction demonstrates investors’ continued interest in the Baltimore market, which is a premier hub for healthcare real estate due to anchor institutions like Johns Hopkins and the University of Maryland Medical Center,” John Smelter, a senior director of Marcus & Millichap’s Healthcare Real Estate Group, said in a prepared statement.

The property is located three blocks away from the 137-bed Baltimore VA Medical Center. The site is meant to augment the research, clinical and administrative programs at the nearby medical center and has been leased to the VA since 2010. The VA recently expanded the building by 6,800 square feet and extended its lease by five years.

Written by Mary Kate Nelson