JLL closes sales on 97 percent occupied Novi Wellness Center
DETROIT, October 3, 2022 — JLL is pleased to announce that Woodside Health sold the Novi Wellness Center, a 23,328-square-foot office building located at 39500 West Ten Mile Rd. in Novi, Michigan, to private equity firm Excelsior Capital. The property, which is 97 percent occupied, will retain its tenants, some of which include Beaumont Health, Smile Doctors and ThriveWorks. JLL Senior Vice President Chris DiSalle exclusively represented Woodside Health.
Renovated in 2020, the Novi Wellness Center features an updated common area and several high-end office buildouts. Sitting on four acres, the space is strategically located near several top medical providers, including the Henry Ford Medical Center, Detroit Medical Center, Ascension Michigan and Beaumont Hospital.
“We are excited to expand our presence in the greater Detroit market with the acquisition of the Novi Wellness Center,” said William George, CFA, vice president for investments, asset management and investor relations at Excelsior Capital. “This is a high-quality building with strong medical tenancy, and it’s located in a healthy submarket that we believe is a bit undervalued. We are happy to be a part of the growth in this area and look forward to building relationships with our tenants and the community moving forward.”
Due to the COVID-19 pandemic, the medical office building market in Detroit has become more competitive, with increased investor interest. Plus, Woodside Health’s ability to secure high-quality tenants has made the Novi Wellness Center a thriving medical destination.
“If there’s one word to describe the medical office market, it’s resilient,” said DiSalle. “During the pandemic, medical office building investments remained strong compared to other real estate sectors, which has undoubtedly attracted buyers.”
“We’re pleased with the outcome and appreciate the hard work from Chris DiSalle and the wider JLL team,” said Ben Barr, principal at Woodside Health.
For more information, please visit jll.com/detroit.
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About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of June 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
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