Marcus & Millichap arranged the sale of 3501 MedCenter, a 145,096-square-foot multi-tenant medical office property in Amarillo, Texas.
“We marketed this asset to a deep buyer pool and generated multiple offers, in spite of the truly unprecedented market conditions created by COVID-19 and the turbulent election season,” said Alex Vidal, a healthcare real estate investment specialist in Marcus & Millichap’s San Francisco office.
“At the conclusion of a competitive bidding process, the buyer and seller both achieved their investment goals, underscoring the importance of hiring a skilled, healthcare-focused investment team to assist with medical office real estate transactions.” Vidal had the exclusive listing to market the property on behalf of the seller, an Amarillo-based private partnership led by Geoffrey Wright, M.D. and Joe Bob McCartt of McCartt Commercial Real Estate Services. Vidal also sourced the buyer, Equity Velocity Fund, which provided its own representation. Tim Speck, senior vice president and division manager, is Marcus & Millichap’s broker of record in Texas.
The property was originally constructed as a retail mall in 1986 and was renovated to serve medical use in 1995. It is located on an 11-plus acre parcel near Interstate 40, in a strong healthcare submarket where medical offices are 95 percent occupied within a three-mile radius. Anchored by BSA Health System & NW Texas Healthcare System, 3501 MedCenter was 91 percent leased at the time of the sale.