For Immediate Release
Cushman & Wakefield’s Healthcare Capital Markets Team Closes Sale of Old Courthouse Medical Center in Rochester Hills, MI
$3.3M Sale of Fully Leased MOB in Exurban Detroit Medical Cluster
CHICAGO, February 8, 2021 – Cushman & Wakefield announced today that the firm’s Healthcare Capital Markets team has completed the $3.32 million sale of Old Courthouse Medical Center in Rochester Hills, Michigan, 20 miles north of Detroit.
Cushman & Wakefield Managing Directors Gino Lollio and Scott Niedergang, Associate Kyle Seychel and Detroit Managing Principal Garrett Keais represented owner Old Courthouse LLC in the sale to an out-of-state private investment group.
The 14,396-square-foot medical office is located at 135 Barclay Circle in Rochester Hills and fully occupied by tenants Quest Diagnostics, Ascension Criterion Hospital, Rochester Rheumatology Center, Vascular Diagnostic Center and Rochester Endocrinology and Diabetes Center. Average household income within a five-mile radius exceeds $118,000.
“Old Courthouse Medical Center is located in a pocket of medical office properties surrounded by dense, high-end retail and affluent single-family neighborhoods,” said Scott/Gino. “The quality of the location and tenancy, many of whom have been at the property for more than a decade, made this a highly attractive investment opportunity for a local investor.”
In 2020, the Chicago-based Healthcare Capital Markets team closed 43 transactions on 1.5 million square feet valued at more than $224 million.
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 53,000 employees in 400 offices and 60 countries. In 2019, the firm had revenue of $8.8 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
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