September 24, 2015
Mike Hargrave

Recent Medical Real Estate Transactions

Below is a roundup of transactions that occurred within the past few weeks and months:

The Carlyle Group recently purchased the Corinthian Medical Offices from ProMed Properties for $48 million or $593 per SF. ProMed purchased the property in 2011 from Spitzer Enterprises for $383 per SF. The Corinthian Medical OfficesCorinthian is an 81,000 square foot medical office condominium comprising three floors of the 57- story Corinthian apartment building which contains over 860 residential condo units. The building is located along the 1st Avenue medical corridor, in the Murray Hill submarket, the property is walking distance from NYU Langone Medical Center and Bellevue Hospital. In addition, Beth Israel Medical Center, the VA Medical Center, New York Eye and Ear Infirmary and the Hospital for Joint Diseases are all located within a one mile radius of the property. Paul Wexler of Corcoran Properties handles leasing for the Corinthian. Rents in the building reportedly range from $50 to $60 per SF.

Hammes Company recently closed on its acquisition of an MOB and ASC in Hattiesburg, MS. The building is 60,000 square feet and attached to the Orthopedic Center, a 30 bed specialty orthopedic hospital affiliated with Forrest Health. The building sold for over $400 per SF. Check out Revista’s transaction Comp Tool for more information on this property and transaction.

The Davis Group recently purchased the Edina East Professional Building. The 33,000 SF, 2 story medical office building is located in Edina, MN and houses a dermatology practice affiliated with Fairview Health Services. The building traded for $6.5 million, or just under $200 per SF.

buckeye-metrohealth-exterior1The Metro Health Buckeye Health Center recently traded for $5.5 million or $221 per square foot (SF) to an affiliate of American Realty Capital. The building is located in Cleveland, Ohio and is 100% leased to Metro Health System.  The building is part of a network of branded outpatient facilities that are core to MetroHealth’s mission of providing high quality outpatient healthcare services to the Greater Cleveland community.  HRE Capital represented the seller in the transaction. Here is a link to the Revista Property View Report.

For more information on these transactions please access Revista’s new Transaction Comp Tool.