Health Center in West Michigan Trades for $44M
- Jan 25, 2017
Grand Rapids, Mich.—Marcus & Millichap’s Detroit office recently announced the sale of Women’s Health Center of West Michigan, a 106,806-square-foot medical office building located in Grand Rapids. The asset traded for $43.5 million, more than $400 per square foot, being the largest dollar value sale of a medical office in Michigan since 2014.
An undisclosed private REIT bought the property from Pinnacle Construction Group, which was represented in this transaction by Ashish Vakhariya, vice president of investments, and Seth Haron, senior associate of Marcus & Millichap. The property was 93 percent occupied at the time of the transaction.
Situated at 555 Mid Towne St. and anchored by Metro Health OAM Surgery Center and Grand Rapids Women’s Health, the Class A four-story building was completed in 2008 and is located near Interstate 196. The corridor includes other notable medical facilities, such as Spectrum Butterworth Hospital, the Meijer Heart Center, Helen DeVos Children’s Hospital and the Lemmen-Holton Cancer Pavilion.
“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 Haron in a prepared statement. “The tenancy also includes hospital-based medical practices and a complementary mix of private physician groups.”
Image courtesy of Pinnacle Construction Group