MOB Transactions Roundup: Inland Real Estate Acquisitions, Baum Realty
Inland Real Estate Acquisitions Buys Medical Office Building in Alabama
Oak Brook, Illinois-based Inland Real Estate Acquisitions, Inc. recently facilitated the purchase of The Radiology Clinic, a 39,500-square-foot medical office building in Tuscaloosa, Alabama.
Inland Real Estate Acquisitions Senior Vice President Matthew Tice facilitated the transaction on behalf of an Inland affiliate.
The Radiology Clinic was founded in the 1940s and has operated in the same location for 25 years. Currently, the practice has 22 doctors and 88 employees.
“The Radiology Clinic’s ideal location across the river from the University of Alabama and situated in between the Northport Medical Center and the DCH Regional Medical Center provides more than 100,000 people within a five-mile radius with convenient access to meet their health care and medical needs,” Tice said in a press release. “The practice’s longstanding history in the area combined with its position in the heart of the health care region of Tuscaloosa made this the type of attractive acquisition we are looking for in this asset class.”
As of Jan. 10, Inland Real Estate Acquisitions, Inc. has facilitated over $44 billion worth of purchases, including apartments, retail centers, single-tenant properties and a total of almost $115 million in medical office buildings.
Newmark Grubb Knight Frank Facilitates $12.6 Million Sale of Two Medical Office Buildings in Utah
Newmark Grubb Knight Frank recently facilitated the sale of two medical office buildings in Murray, Utah, and Ogden, Utah, to MB Real Estate for $12.6 million.
The two buildings comprise 47,468-square feet and are occupied by Mountain Medical Physician Specialists. The seller was Mountain Medical Imaging.
The transaction closed Dec. 23, 2016. The NGKF team involved in the deal included Garth Hogan, Todd Perman, Jonathan Kesler and Dana Hamric.
Baum Realty Group Closes Sale of Medical Office Building in Illinois
Baum Realty Group LLC’s investment sales team recently completed the sale of a $4.1 million, 13,925-square-foot medical office building in Park Ridge, Illinois, Commercial Property Executive reported. At the time of the sale, the building was fully leased to several tenants, including an orthodontist, a pediatrician and dentists.
Baum Managing Directors Greg Dietz and Danny Spitz represented the seller, a national developer, in the transaction.The undisclosed buyer was a Chicago-based investment group.
“The variety of complementary medical practices creates a community among tenants making the asset attractive to investors focusing on the burgeoning medical office real estate market,” Spitz said in a statement. “All medical practices have occupied the property for 20+ years which provides a reliable cash flow.”
Tomasso Group Sells Connecticut Medical Office Building for $30.2 Million
Tomasso Group recently completed the $30.2 million sale of the Medical Arts Center at The Hartford Healthcare Cancer Institute in Plainfield, Connecticut. The property was purchased by an undisclosed publicly traded real estate investment trust (REIT).
At the time of sale, the 72,022-square-foot building was 95% leased to Orthopedic Associates of Hartford, Hartford Healthcare and several doctors employed by Hartford Healthcare.
HFF’s Phil Mahler, Ben Appel, Evan Kovac and Doug Rodio represented the seller in the deal. Tomasso Group affiliate Tunxis Management Co. is set to continue to manage the property.
Griffin-American Healthcare REIT III Acquires Two Medical Office Buildings in Connecticut
Griffin-American Healthcare REIT III recently purchased two medical office buildings in Norwich, Connecticut, from an undisclosed seller for an undisclosed price. Together, the two buildings comprise 56,265 square feet.
The portfolio, which includes Wawecus Medical Center, is occupied by Eastern Connecticut Endoscopy, Yale Cardiovascular, Connecticut GI and Norwich Ophthalmology. John LaBella of RE/MAX Right Choice and Lisa Menin of Jacobson Properties brokered the deal.
CBRE Advises on Sale of Medical Office Portfolio in Texas and Medical Office Building in California
CBRE’s U.S. Healthcare Capital Markets Group recently acted as the sole advisor for the sale of a two-building, Class A medical office portfolio in Flower Mound, Texas, Health Care Real Estate Insights reported.
CBRE’s Chris Bodnar and Lee Asher served as the exclusive advisors to the undisclosed seller.
The medical office buildings are 100% occupied and comprise 34,910 rentable square feet. Tenants include Texas Health Resources, OrthoTexas Physicians and Surgeons, and USMD | Medical Clinic of North Texas.
CBRE’s Investment Properties’ team in Southern California also recently facilitated the $16.06 million sale of a 40,041-square-foot multi-tenant medical office property in Chino Hills, California, HREI reported. The undisclosed buyer was a private investor in a 1031 trade represented by an outside broker.
CBRE’s Mark Shaffer, Gary Stache, Chris Bodnar, Lee Asher, Anthony DeLorenzo and John Oien represented the seller, Stonecreek Company.
Carter Validus Mission Critical REIT II, Inc. Acquires Two Medical Assets
Carter Validus Mission Critical REIT II, Inc., a public, non-traded real estate investment trust (REIT) based in Tampa, Florida, recently purchased a four-story, 106,800-square-foot medical office building in Grand Rapids, Michigan, for $43.5 million.
Built in 2008, the building houses operations for a women’s health medical center and totals about 106,800 square feet of rentable space. The building contains about 100,000 square feet of medical office and surgical suites, including an outpatient rehab facility, and about 6,000 square feet of storage and administrative space.
The building has an attached five-story, 419-space parking garage and is built of steel frame with concrete block and brick exterior. The property is currently 92.62% leased by tenants such as Metropolitan Hospital, Grand Rapids Women’s Health, P.C., Corpus Christi Surgery Center, Orthopaedic Associates of Grand Rapids, P.C. and Spectrum Health Hospitals.
Carter Validus Mission Critical REIT II, Inc. also recently purchased the 25,102-square-foot, three-story Corpus Christi Surgery Center in Corpus Christi, Texas, for about $6.4 million.
The first story of the building offers covered on-site parking. The second story houses a surgical facility equipped with one treatment room, four operating rooms, six pre-op suites, eight post-op suites and four intermediate care units. The third floor includes a gastroenterology clinic. The property is 100% leased by tenants such as Abdominal Specialists of South Texas, LLP and Shoreline Surgery Center, LLP.
Written by Mary Kate Nelson