In more news from Physicians Realty Trust, the publicly traded REIT closed in April on the acquisition of the South Bend Orthopaedics facility at 14026 to 14134 Jackson Road in Mishawaka, Ind. The REIT paid $14.9 million for the two-story, 45,200 square foot facility, for a price per square foot (PSF) of $330, according to information from real estate researcher Real Capital Analytics (RCA) Inc. RCA lists the cap rate at 7.9 percent.
The seller was Dr. Randolph J. Ferlic, and the sale was brokered by Newmark Grubb Knight Frank. The building is 100 percent occupied, with St. Joseph Family Medicine listed as a tenant.
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