Spectrum Health West Pavilion, Wyoming, Mich. (Photo courtesy of ARC Healthcare
Trust Inc.)
WYOMING, Mich. – In today’s MOB sales market, where demand far outpaces supply, quality facilities get snapped up rather quickly – at strong prices to boot. A good example can be found in Wyoming, just south of Grand Rapids.
There, New York-based ARC Healthcare Trust Inc., an unlisted real estate investment trust (REIT), paid $16.4 million, or about $309 PSF, for the two-story, 53,000 square foot Spectrum Health West Pavilion. The broker started marketing the off-campus property on a Friday in February, had “four or five serious offers” by the following Monday, and a letter of intent about three days later. The sale closed May 14.
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