For Immediate Release
Cushman & Wakefield’s Healthcare Capital Markets Team Closes Sale of Regal Court MOB in Suburban Detroit
$2.6M Sale of Ascension-anchored MOB in Warren, Michigan
CHICAGO, June 1, 2021 – Cushman & Wakefield announced today that the firm’s Healthcare Capital Markets team has completed the $2.6 million sale of the Regal Court medical office building (MOB) in Warren, Michigan. Cushman & Wakefield Managing Directors Gino Lollio, Scott Niedergang and Travis Ives and Detroit Managing Principal Garrett Keais represented the seller, Promanas, an Ann Arbor, Michigan-based commercial real estate private equity firm. The team also procured local purchaser, CMG Realty Group.
CMG Realty Group acquired Regal Court I and II, which includes two buildings totaling 40,181 square feet, located at 27472 and 27550 Schoenherr Road in Warren. The development is near Ascension St. John Macomb-Oakland Hospital’s Madison Heights and Warren campuses and is anchored (41% occupancy) by Ascension-affiliated practices, as well as Mendelson Orthopedics. Additionally, population within a five-mile radius totals more than 350,000, and average household income within one mile is $65,501.
“Regal Court’s location within an existing pocket of the region’s top healthcare providers and strong demographics made it an attractive investment,” said Lollio. “Well-located healthcare properties will continue to gain traction as a preferred investment for both private and institutional capital, here in the Midwest and more broadly across the U.S.”
In 2020, the Cushman & Wakefield Healthcare Capital Markets team closed 228 healthcare real estate transactions valued over $1.52 Billion.
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 50,000 employees in over 400 offices and 60 countries. In 2020, the firm had revenue of $7.8 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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