Medical Office Transactions: Cushman & Wakefield, Marcus & Millichap
Ambulatory Care Center Changes Hands in Loma Linda, California
Easterly Government Properties Inc. recently agreed to purchase the 327,614-rentable-square-foot Department of Veterans Affairs Ambulatory Care Center in Loma Linda, California. The acquisition is scheduled to close during the second quarter of 2017, subject to customary closing conditions, according to Commercial Property Executive.
VA-Loma Linda is 100% leased to the U.S. Government through May 2036 for a non-cancelable lease term of 20 years. The building provides several services, including primary care, outpatient mental health services, women’s health care, outpatient physical medicine and rehabilitation, dental, employee health, blood draw services and imaging services.
Medical Office Building Sells for $8.75 Million in Florida
Weidler Integrated Healthcare Investment Properties, in affiliation with Marcus & Millichap, recently arranged the sale of a five-story, Class B+ medical office building in Florida for $8.75 million.
The building is located across the street from the University of South Florida and has 98,351 rentable square feet.
Cushman & Wakefield Brokers Medical Office Lease in Connecticut
Cushman & Wakefield recently brokered a 10-year lease extension totaling 100,968 square feet for North East Medical Group (NEMG) and Yale New Haven Health (YNHH) in Stratford, Connecticut, REBusiness Online reported.
Cushman & Wakefield’s Jay Hruska led the leasing efforts on behalf of the tenants, and Joseph Codi internally represented Mountain Development, the owner of the Class-A building.
6,500-Square-Foot Medical Office Building Sells in Michigan
Commercial real estate services provider Friedman Integrated Real Estate Solutions recently sold a 6,500-square-foot, Class C medical office building in Warren, Michigan, for an undisclosed amount, Commercial Property Executive reported.
Nicholas Development Company Inc., sold the asset to Mark Van Den Branden LLC. Friedman Senior Vice President Steve Eisenshtadt and Associate Rick Tabbi represented both the buyer and the seller in the deal.
Heritage Partners Acquires Two Medical Office Buildings in Arizona
San Diego-based asset advisory firm Heritage Partners acquired two Class A medical office buildings in North Scottsdale, Arizona, from Phoenix-based Helix Properties LLC for $12.13 million, AZ Big Media reported.
The medical office buildings total 42,128 square feet and were 100% occupied by health care and medical-related tenants at the time of the sale.
Cushman & Wakefield’s Executive Managing Director Eric Wichterman and Senior Director Mike Coover represented Helix Properties LLC in the transaction.
One building sold for $6.6 million, or $313.33 per square foot, and is leased to an outpatient treatment center for prescription medication dependency called SH Operating LLC (dba Recovia).
The other building, which is leased to travel medicine services provider Passport Health LLC, sold for $5.525 million, or $262.30 per square foot.
Cushman & Wakefield Arranges $14.7 Million Sale of Medical Office Building in New York
Cushman & Wakefield recently arranged the $14.7 million sale of a two-story, 24,600-square-foot medical office building in North Hills, New York, REBusiness Online reported. The building is 100% occupied by three medical tenants: Integrated Medical Professionals, Northern OBGYN and Aesthetic Dermatology.
Cushman & Wakefield’s Jonathan Hageman, Ben Efraimov and Patrick Yannotta led the transaction.
The facility traded at a cap rate of 6%.
Written by Mary Kate Nelson