MOB Transactions Roundup: USC, Savant Investment Partners
New JV Purchases First Medical Office Building for $23 Million
Global independent wealth manager and private equity investor Quilvest recently entered into a joint venture with Stockdale Capital Partners to purchase medical office buildings in the western and southwestern United States, IPE Real Estate reported.
The venture’s total equity could reach up to $100 million, IPE added, citing people familiar with the situation.
The joint venture also recently made its first acquisition: the 100,419-square-foot Gresham Station Medical Plaza in a suburb of Portland, Oregon. The asset was purchased for $23 million, according to IPE.
Two Medical Offie Buildings Sell for $23 Million in North Carolina
A joint venture between Baltimore, Maryland-based Alex Brown Realty and Charlotte, North Carolina-based Insite Properties recently sold two medical office buildings in Charlotte—Charlotte Medical Plaza I and II—to Charlottesville, Virginia-based Anchor Health Properties, the Charlotte Business Journal reported.
The purchase price was $23 million. CBRE’s Lee Asher, Chris Bodnar and Patrick Gildea represented the sellers in the deal.
Retail Center with Medical Office Space Sells for $62 Million in California
Hanley Investment Group Real Estate Advisors recently arranged the sale of a 156,046-square-foot commercial retail center in Arcadia, California, for $62.1 million, Commercial Property Executive reported.
The property includes a two-story, 48,455-square-foot medical office building, which is 100% leased to HealthCare Partners. There’s also a 64,013-square-foot, four-story, multi-tenant office building, which is completely leased to HealthCare Partners, Regus and Oracle America, along with a variety of service and medical-oriented tenants, according to Commercial Property Executive.
Hanley Investment Group President Ed Hanley, Executive Vice President Pat Kent and Senior Associate Corey Olson represented the two sellers, Post Exchange LLC and Arcadia Gateway Centre Delaware Partners LLC. The buyer—JLJ (USA) Investment LLC of City of Industry, California—was represented by Henry Hong, senior vice president with Lee & Associates.
“The property offered the buyer instant diversification with the total net-operating income allocated as approximately 32% from retail, 28% from medical and 34% from office,” Hanley Investment Group Executive Vice President Pat Kent said in a prepared statement.
Savant Investment Partners Buys Medical Office Space in Nevada
Las Vegas-based commercial real estate investment and development firm Savant Investment Partners recently acquired the Siena Office Park in Henderson, Nevada, which includes over 101,000 square feet of medical and traditional office space. The purchase price was not disclosed.
The two Class-A buildings included in Siena Office Park are expected to be slightly remodeled in the coming months, according to a press release.
Medical Office Building in Rome, Georgia, Sells for $13.85 Million
A 41,000-square-foot, two-story medical office building was recently sold in Rome, Georgia, for $13.85 million, the Rome News-Tribune reported.
The River bend Medical Center currently houses Northwest Georgia Medical Clinic, Children’s Dental Center, Atlanta Allergy & Asthma, and Quest Diagnostics.
USC Acquires Medical Office Building for $110 Million
The University of Southern California (USC) recently acquired a 150,000-square-foot medical office building in Boyle Heights, California, for about $110 million, the Los Angeles Business Journal reported.
The seller was nonprofit vision research organization Doheny Eye Institute.
Written by Mary Kate Nelson