January 23, 2017
Women’s Health Center of West Michigan, Grand Rapids, Mich. (Photo courtesy of Marcus & Millichap)
GRAND RAPIDS, Mich., Jan. 23, 2017– Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, announced the sale of the Women’s Health Center of West Michigan, a four-story, 106,806-square-foot medical office building. The Class A asset is 93 percent occupied and anchored by Metro Health OAM Surgery Center and Grand Rapids Women’s Health. The $43.5 million sales price equates to more than $400 per square foot and represents the largest dollar value sale for a medical office transaction in Michigan since 2014.
“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,” says Seth Haron, senior associate in Marcus & Millichap’s Detroit office. “The tenancy also includes hospital-based medical practices and a complementary mix of private physician groups.”
Haron and Ashish Vakhariya, vice president investments, also 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,” adds Vakhariya.
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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