YORK, PA. — Marcus & Millichap has negotiated the $2.9 million sale of a 10,000-square-foot medical office building in York, about 100 miles west of Philadelphia. The building at 1550 Rodney Road was fully leased at the time of sale to the University of Pittsburgh Medical Center. Spencer Koch, Scott Gould, Rory Shelby and Christopher Biuso of Marcus & Millichap represented the undisclosed seller in the transaction. The buyer was also not disclosed.
CHANTILLY, VA. — KLNB’s capital markets team has brokered the $9.2 million sale of a 21,540-square-foot medical office building located at 24801 Pinebrook Road in Chantilly, about 34 miles west of Washington, D.C. Seattle-based Elliott Bay Capital Trust purchased the facility, which was fully leased to Inova Health System at the time of sale. Joe Friedman and Josh Norwitz of KLNB represented the seller in the transaction. Friedman also represented the previous owner when it purchased the property in 2008.
YORBA LINDA, CALIF. — Institutional Property Advisors (IPA), a division of Marcus & Millichap, has arranged the sale of Home Ranch Commons, a mixed-use medical and retail property in Yorba Linda. Greenbridge Partners sold the asset to Optimus Properties LLC for $35.6 million. Tom Lagos, Mark DeGiorgio, Jose Carrazana and Patrick Toomey of IPA represented the seller in the transaction. Built in 1984 and renovated in 2018, the 60,737-square-foot Home Ranch Commons is co-anchored by UCI Health and Kiddie Academy. Additional tenants at the property include Blue Agave, YL Family Chiropractic, Bodhi Leaf Trading Co., Coder School and Torkian Aesthetic Center.
ROCHESTER, MICH. — Cushman & Wakefield has brokered the sale of the Henry Ford Health Rochester Hospital medical office building in Rochester, a northern suburb of Detroit. The sales price was undisclosed. The 113,687-square-foot property was built in 1994 and expanded in 2014. The facility is situated on the campus of Henry Ford Health Rochester Hospital, formerly known as Ascension Providence Rochester Hospital. Tenants include Henry Ford Health Providence Rochester, Henry Ford Health Family Practice and Contemporary Obstetrics and Gynecology PC. The hospital is part of the recently established partnership between Ascension Michigan and Henry Ford Health. Gino Lollio, Travis Ives, Sushil Puria, Tyler Morss and Garrett Keais of Cushman & Wakefield represented the seller, Detroit-based KIRCO. The buyer was UDLR Healthcare.
UTAH — Salt Lake City-based Fort Street Partners and Chestnut Healthcare Real Estate have formed a programmatic joint venture that can acquire and develop up to $150 million in assets over the next four years. The venture will focus on core/core-plus and value-add investments in outpatient medical and surgery center properties in Utah. The partnership has already closed on two medical outpatient developments in Syracuse and Eagle Mountain, Utah. CJ Kodani and Mark Root of JLL Capital Markets arranged the joint venture.
NOBLESVILLE, IND. — Northmarq has arranged the $13.5 million sale-leaseback of two outpatient primary care properties in Noblesville, a northern suburb of Indianapolis. The portfolio totals 32,744 square feet and includes Riverview Health’s locations at 205 Noble Creek Drive and 865 Westfield Road. Christian Vaughan of Northmarq brokered the transaction. Riverview Hospital sold the assets to Four Corners Property Trust. The transaction represented a cap rate of 7.3 percent.
NASHVILLE, TENN. — Healthcare real estate investment is at a pivotal point of this current cycle. On one hand, the investment sales market is expected to rebound heartily following a few subdued quarters. According to data from Maryland-based research firm Revista, investment sales volume for medical office buildings (MOBs) was $2.1 billion in third-quarter 2024, in line with the first two quarters of the year but down from more robust quarters in 2021 and 2022. On the other hand, funding this expected uptick in acquisitions will be more layered than ever before, even with the recent cuts to the federal funds rate by the Federal Reserve. Ben Appel, executive managing director of Newmark’s healthcare capital markets team, said that the competition level is increasing as deals come to market, but what’s more notable is the capital stack behind those bids. Editor’s note: InterFace Conference Group, a division of France Media Inc., produces networking and educational conferences for commercial real estate executives. To sign up for email announcements about specific events, visit www.interfaceconferencegroup.com/subscribe. “Today those bids have two to three different sleeves of capital behind them,” said Appel, who is based out of Newmark’s Philadelphia office. “We are seeing some of …
DORAL, FLA. — Birmingham-based general contractor Robins & Morton has delivered a new 160,000-square-foot medical center in Doral, a western suburb of Miami, on behalf of University of Miami health system UHealth. The six-story UHealth Doral property opened in late November. Designed by Arcadis, the healthcare property features 33 exam rooms, eight operating rooms, three endoscopy suites, 33 cancer treatment units, radiology services, a lab, onsite pharmacy, seven-story parking garage and a central energy plant. Specialists operating within UHealth Doral include UHealth’s neurology program, the Sylvester Comprehensive Cancer Center, Bascom Palmer Eye Institute and Desai Sethi Urology Institute.
NOVATO, CALIF. — Stockdale Capital Partners has acquired The MarinHealth Medical Plaza (MHMP), located at 75 Rowland Way in Novato, for $32.8 million. The name of the seller was not released. Built in 1997 and renovated in 2017, the 83,789-square-foot property is anchored by MarinHealth, which leases 72,888 square feet (90 percent) of the building. Adjacent to Sutter Health’s Novato Community Hospital, tenants of MHMP include clinical specialties, primary care, OBGYN, imaging, laboratory, family medicine, cardiovascular and dermatology. The purchase is Stockdale Capital Partners’ sixth acquisition of its recently formed, U.S.-focused, open-ended Healthcare Real Estate Investment Fund.
ADA, MICH. — Concierge Medicine of West Michigan has opened a 3,200-square-foot office at 6741 E. Fulton St. in Ada. Founded by family medicine physicians and twin sisters, Dr. Lara Baatenburg and Dr. Jana Baatenburg, the practice offers a membership-based healthcare model. Kaleb Antonides, Jordan Day and Hillary Taatjes Woznick of NAI Wisinski of West Michigan assisted the tenant in leasing and build-out of the space.
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