Medical Office Transactions: IPA, Meridian
IPA Brokers $58 Million Medical Office Portfolio Sale in Texas
Institutional Property Advisors (IPA), a division of Marcus & Millichap that specializes in serving institutional and major private real estate investors, recently brokered the $58 million sale of a portfolio of fully leased medical office buildings outside of Houston, Texas: Memorial Hermann Surgical Hospital and Physicians Pavilion in Sugar Land; and UT Physicians buildings in Sugar Land and Richmond.
Gino Lollio and Scott Niedergang, senior directors with IPA Healthcare, procured the buyer, a major U.S. public pension fund and its strategic adviser, Everest Medical Properties. Lollio and Niedergang also represented the seller, a partnership that included executives and doctors who used to be affiliated with Richmond Bone & Joint Clinic.
Joint Venture Acquires 54,923-Square-Foot Medical Plaza in California
Health care-focused real estate private equity firm MedProperties Holdings LLC and its joint venture partner Cypress West Realty Partners LLC recently purchased the Class A, 54,923-square-foot Riverwalk Medical Plaza in Bakersfield, California. The project is currently 94% leased.
Debt financing for the Riverwalk transaction was arranged by Capital One Healthcare Financial Solutions.
18,000-Square-Foot Medical Office Lease Signed in Woodbury, Minnesota
Minnesota Gastroenterology recently signed an 18,000-square-foot medical office lease at CityPlace in Woodbury, Minnesota, REBusiness Online reported.
The endoscopy center and clinic is set to occupy space in a planned 50,000-square-foot medical office building.
Marcus & Millichap Announces $9.35 Million Sale of Medical and Dental Center
Commercial real estate and investment services Marcus & Millichap (NYSE: MMI) recently announced the $9.35 million sale of Calaveras Park Professional Center, a 21,008-square-foot, multi-tenant medical dental office park in Milpitas, California.
“This sale completes a 1031 exchange that started with the listing of a development property in Sunnyvale more than two years ago,” Vincent Schwab, senior managing director investments in Marcus & Millichap’s San Francisco office, said in a prepared statement. “Numerous office building developers attempted to buy the land but faced substantial hurdles in obtaining entitlements. The 3.4-acre development site experienced numerous challenges while the city was refining the Peery Park specific plan. We closed that property earlier in May with a South Carolina-based hotel developer and my clients exchanged into the Calaveras Park Professional Center and an apartment complex in San Jose.”
Schwab procured the buyer, Sinogap LLC, a Cupertino, California-based family office, and represented the seller, JB Matteson Co. of San Mateo, California.
Meridian Names Manager for 115,000-Square-Foot Medical Complex in California
Meridian has chosen Cypress West Realty Management to manage its 115,000-square-foot medical office complex in Pasadena, California, Commercial Property Executive reported.
Cotton Medical Center includes a 52,000-square-foot, four-story building and a 63,000-square-foot, five-story building.
“Having completed the extensive renovation of Cotton Medical Center, we now want to focus on providing our tenants and the community best-in-class management services,” Meridian CEO John Pollock said. “We didn’t have to look far when selecting our new property management company. Cypress West understands the demands of healthcare real estate and makes attention to detail and tenant satisfaction their top priority.”
Written by Mary Kate Nelson