MOB Trades for $10M in Alabama

Grandbridge Real Estate Capital originated an $8 million, 10-year acquisition loan for the new owner.
65 Dauphin Medical and Financial Center

Catalyst Healthcare Real Estate has sold the 67,664-square-foot 65 Dauphin Medical and Financial Center in Mobile, Ala., for $10.1 million, according to Mobile County Public records. Grandbridge Real Estate Capital provided an $8 million, 10-year acquisition loan for the new owner, an entity associated with Zarzour Cos. The financing was structured with a 25-year amortization and an interest rate of 4.25 percent. The asset last traded in 2011 for $5.5 million, Yardi Matrix data shows.   

Located at 3290 Dauphin St., the asset is adjacent to Interstate 65 and close so several hotels and dining options. The property is positioned nearby other healthcare providers and roughly 3 miles from USA Health University Hospital. Completed in phases in 1988 and 2014, the asset comprises a one-story and a six-story building that received cosmetic renovations in 2012, per Yardi Matrix information. The tenant roster includes Infirmary Health, Southern Eye Group of Alabama and Mobile Surgery Center.

This April, Catalyst Healthcare Real Estate together partnered with Bain Capital Real Estate to acquire a six-story medical building in Dallas. Jetall Cos. sold the 81,000-square-foot asset.