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commercial real estate services local vancouverLast month, Marcus & Millichap announced the sale of the Women’s Health Center of West Michigan, a 106,806-square-foot medical office building. The $43.5 million sales price equates to more than $400 per square foot and is the largest dollar value sale for a medical office transaction in the state since 2014.
 
The four-story Class A asset is 93% occupied and anchored by Metro Health OAM Surgery Center and Grand Rapids Women’s Health.
 
“The recent acquisition of Metro Health by the University of Michigan, along with the significant lease term remaining on the anchor tenants, generated a high level of interest in the asset,” said Seth Haron, senior associate in Marcus & Millichap’s Detroit office in a press release. “The tenancy also includes hospital-based medical practices and a complementary mix of private physician groups.”
 
Haron and Ashish Vakhariya, Vice President Investments in Detroit, represented the seller, Pinnacle Construction Group, and procured the buyer, a private real estate investment trust.
 
“Built in 2008, the medical center greatly benefits from its strategic location within the ‘Medical Mile’ of Grand Rapids,” added Vakhariya in the same release.
 
Spectrum Butterworth Hospital, the Meijer Heart Center, Helen DeVos Children’s Hospital, and the Lemmen-Holton Cancer Pavilion are some of the notable medical facilities within this corridor. There are more than 17.8 million square feet of office space and over 253,000 people within a five-mile radius of the building.
 
And, while this transaction took place south of the border, it displays Marcus & Millichap’s exemplary expertise as a leading specialist in commercial real estate investment sales, financing, research and advisory services. Since 1971, our firm has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology and relationships with the largest pool of qualified investors. We also specialize in a number of unique asset categories, including multifamily, retail, office, industrial, single-tenant net-lease, self-storage, seniors housing, manufactured homes, hospitality, land and special assets.
 
To learn more about the Lower Mainland commercial real estate market and how you can partner with Marcus & Millichap, please contact our Vancouver office for more information. 
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