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News Release: Davis sells Ohio medical building to Physicians Realty Trust for $28 million

News Release

Davis has sold the 59,233-square-foot, 95 percent leased, New Albany Medical Building II on the Mount Carmel Surgical Hospital campus in New Albany, Ohio. The buyer was Physicians Realty Trust, which is headquartered in Milwaukee, Wis.

The Minneapolis-based firm acquired the New Albany Medical Building II in upscale New Albany near Columbus in 2019 and extensively renovated and leased it up

NEW ALBANY (COLUMBUS), Ohio, and MINNEAPOLIS, May 11, 2022 – Minneapolis-based Davis announced today that it has sold the 59,233-square-foot, New Albany Medical Building II on the Mount Carmel Surgical Hospital campus in New Albany, an upscale suburb of Columbus, Ohio.

The $27.688 million sale closed April 26. The buyer is Milwaukee-based Physicians Realty Trust.

The sale of the medical office building (MOB), at 5040 Forest Drive, benefits both buyer and seller, according to Mark Davis, Founder and Principal of Davis, a national healthcare real estate development, investment, brokerage and property management firm.

“Davis acquired the medical building in late 2019, because we knew it had a great deal of potential. It’s located in a growing, prosperous community near Columbus on the Mount Carmel Surgical Hospital Campus, which is owned by the highly respected Trinity Health. It also housed several great specialty medical tenants but had some vacancies we needed to fill. Davis invested in extensive renovations to the property, including implementing a number of building improvements and developing a convenient skyway connection, linking the building to the adjacent Mount Carmel Surgical Hospital.”

In addition, as part of its building improvement strategy, Davis partnered with Molly Leach and Todd Payne in the Columbus office of CBRE Group Inc. to lease the remaining vacant space in the building.

Mr. Davis said the MOB is now 95% leased by a “diverse mix of high-quality” healthcare practices. This includes New Albany Surgery Center, OrthoNeuro, 161 Dental Studio, Ohio Skin, Capitol Pain and Stephen Webster Endodontics.

Mr. Davis concluded, “This transaction is a win-win for everyone. The tenants are enjoying significant building improvements, the new buyer is reaping the benefits of this well-positioned medical asset and Davis has realized a nice profit for its investors.”

About Davis

Davis, founded in 1986, is a national healthcare real estate firm that offers unparalleled expertise in healthcare real estate development, property management, brokerage, investment and consulting services to health systems, hospitals, individual medical groups, specialty practices and other healthcare organizations. The company has developed 34 Class A medical buildings totaling $364-plus million in development costs and completed 47 investment transactions totaling more than $575 million. For more information, please visit www.davishre.com.

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News Media Contact:
Vickie Ridgley, 612-383-2717, vridgley@davishre.com

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