Last 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.
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The four-story Class A asset is 93% occupied and anchored by Metro Health OAM Surgery Center and Grand Rapids Women’s Health.
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“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.â€
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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.
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“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.
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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.
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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.
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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.Â