News Release: Cushman & Wakefield Represents Ownership in $7.6M Sale of Tower Medical Plaza in Dakota Dunes, South Dakota

Cushman & Wakefield’s Healthcare Capital Markets Team Negotiates Sale of Fully Leased Medical Office Building

CHICAGO, November 11, 2022 – Cushman & Wakefield announced today that the firm has represented owner SSC MOB1 in the sale of Tower Medical Plaza in Dakota Dunes, South Dakota, which is within the Sioux City, Iowa, trade area.

Cushman & Wakefield’s Healthcare Capital Markets team leaders Gino Lollio and Travis Ives partnered with James Hain and Richard Secor of Cushman & Wakefield/The Lund Co. to negotiate the $7.6 million transaction with the buyer, Catalyst Healthcare Real Estate, which is headquartered in Pensacola, Florida.Located at 101 Tower Road in Dakota Dunes, Tower Medical Plaza totals 35,130 square feet and is fully leased by seven tenants including Beth Bruening, PC; Dunes Family Pharmacy; ENT Consultants; Fyzical; Kevin L. Preston, D.O; Dunes Pain Specialists; and MercyOne. Additionally, the medical office building (MOB) is attached to the USPI-operated Dunes Surgical Hospital, a 14-operating-room surgical hospital that hosts dental/oral surgery, ENT, general, GI, gynecology, neurosurgery, ophthalmology, orthopedic, pain, plastic surgery, podiatry, spine and urology specialists.The property lies within Dakota Dunes, South Dakota, a 2,000-acre master-planned community that is home to more than 110 businesses and more than 30 specialty medical clinics. Anchored by the Siouxland Surgery Center, Dakota Dunes Medical and Professional Campus draws patients from a 100-mile radius. Other, nearby medical facilities include Mercy One Siouxland Medical Center, which is six miles away; UnityPoint Health – St. Luke’s, which is eight miles away; and Dakota Dunes Clinic, which is 0.3 miles away. Dakota Dunes is located five minutes from downtown Sioux City, Iowa, with its approximately 168,000 residents, and the average household income with a three-miles radius of the MOB is $97,740.“Tower Medical Plaza was an extremely successful transaction for both parties,” Lollio said. “The physicians who originally developed the building realized a strong return on their investment and were also able to optimize their status as long-term tenants following the sale. Based on its location in relation to the Dunes Surgical Hospital and affiliated tenant roster, Tower Medical Plaza will always garner strong leasing interest and high renewal probability. As a buyer, Catalyst performed extremely well despite strong market headwinds and volatility.”Access this link to download a photo of Tower Medical Plaza.About Cushman & WakefieldCushman & 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 approximately 60 countries. In 2021, the firm had revenue of $9.4 billion across core services of property, facilities and project management, leasing, capital markets, and valuation and other services. To learn more, or follow @CushWake on Twitter.

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