Medical Office Transactions: IPA, Montecito Medical

IPA Arranges $10.65 Million Sale of Medical Facility in Kentucky

Institutional Property Advisors (IPA) Healthcare Group, a division of Marcus & Millichap, recently arranged the $10.65 million sale of a single-tenant, net-leased Baptist Health facility in rural Kentucky.

Gino Lollio and Scott Niedergang of IPA’s Healthcare Group represented both the buyer, a health care real estate development, leasing, consulting, property management and investment firm, and the seller, a physician group.

The facility is a full-service health care center that houses primary care, urgent care, CAT scan, mammography,  lab/X-ray, ultrasound, bone density, physical therapy,, general surgery, otolaryngology, cardiology, OB/GYN, ophthalmology and orthopaedics.

Montecito Buys 35,000-Square-Foot MOB in Arizona

Nashville-based medical office building owner Montecito Medical Real Estate recently purchased a Class A, single-story, 35,420-square-foot medical building in Sun City, Arizona.

The building is 100% leased to specialty practices, including urology, neurology, dermatology, internal medicine, digestive health, opthalmology and an ambulatory surgery center for endoscopy.

The building is part of a high-end mixed-use retail and medical complex called Thunderbird Square Shopping Center.

Reichle Klein Group Arranges $3.9 Million Sale of MOB in Ohio

Reichle Klein Group recently arranged the sale of a 27,672-square-foot medical office building in Perrysburg, Ohio, for $3.9 million, REBusiness Online reported.

Reichle Klein Group’s Marty Gallagher represented the seller, Walbridge Investors LLC. Silvana Graff from Sperry Van Ness represented CHCT Ohio LLC, the buyer.

MOB Sells for $3.2 Million in Swansea, Massachusetts 

Edgar LLC recently purchased a 34,500-square-foot medical office building in Swansea, Massachusetts, from Swansea Health Care LLC for $3.159 million, The Herald News reported.

Marcus & Millichap Arranges $8.15 Million Sale of MOB in California

Commercial real estate investment services firm Marcus & Millichap (NYSE: MMI) recently brokered the $8.15 million sale of a 15,335-square-foot single-tenant medical office building in Half Moon Bay, California.

Marcus & Millichap’s John R. Smelter represented the seller, a real estate investment trust (REIT).

“This was a unique transaction due to the AAA credit-rated lease to the County of San Mateo, and the fact that the property is a single-tenant Bay Area medical office building with only 3.25 years remaining on the current lease,” Smelter said in a press release.

Currently, the County of San Mateo operates the building as the San Mateo Coastside Clinic, which offers primary care, women’s health, family planning, OB/GYN, mental health, behavioral health rehabilitation, nutrition, STD/STI screening and therapy, a woman, infants and children program, among other things.

Montecito Purchases Clinic in Albuquerque, New Mexico

Nashville-based Montecito Medical Real Estate recently acquired the newly constructed, 85,000-square-foot, two-story DaVita Medical Group clinic in Albuquerque, New Mexico. DaVita Medical Group is one of the region’s biggest multi-specialty medical groups and is a division of DaVita, Inc., a leading provider of kidney-care services in the United States.

The clinic has a radiology department with state-of-the-art ultrasound, MRI and CT imaging equipment. The clinic also houses specialty providers such as neurologists, pediatricians, dermatologists, podiatrists, radiologists and rheumatologists.

45,000-Square-Foot MOB Sells for $14.5 Million in Illinois

Stage Equity Partners recently purchased the 45,150-square-foot Center for Outpatient Medicine in Bloomington, Illinois, for $14.5 million, REBusiness Online reported.

The multi-specialty outpatient surgical center is 100% leased to TCOM. Stage acquired the building from TCOM’s physician owners in a sale-leaseback transaction. The financing was provided by MB Financial.

Written by Mary Kate Nelson