Firm sells Medical Mile building for $43.5M
A local medical office building has been sold for $43.5 million.
The Women’s Health Center of West Michigan in Grand Rapids, at 555 Mid Towne St., was sold, according to Marcus & Millichap, a commercial real estate firm, yesterday.
The deal was brokered by the Detroit office of Marcus & Millichap on behalf of Grand Rapids-based Pinnacle Construction Group. The buyer is an unnamed private real estate investment trust.
At 106,806 square feet, the four-story building sold for more than $400 per square foot.
At 93 percent occupied, the building is anchored by Metro Health OAM Surgery Center and Grand Rapids Women’s Health and also includes hospital-based medical practices and a mix of private physician groups.
Built in 2008 and part of the Medical Mile just north of Michigan Street NE, the building is within five miles of 17.8 million square feet of office space, according to Marcus & Millichap.
“The recent acquisition of Metro Health by the University of Michigan, along with the significant lease term remaining on the anchor tenants, generated a high level of interest in the asset,” said Seth Haron, senior associate, Marcus & Millichap, who brokered the deal with the firm’s VP of investments, Ashish Vakhairya.