Marcus & Millichap recently helped negotiate the sale of the Women’s Health Center of West Michigan, a four-story, 106,806-square-foot medical office building in Grand Rapids, Michigan.
The class-A asset is 93 percent occupied and anchored by Metro Health OAM Surgery Center and Grand Rapids Women’s Health. The $43.5 million sales price equates to more than $400 a square foot, and represents the largest dollar value sale for a medical office transaction in Michigan since 2014.
“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 in Marcus & Millichap’s Detroit office in a written statement.
Haron and Ashish Vakhariya, vice president of investments, also in Detroit, represented the seller, Pinnacle Construction Group, and procured the buyer, a private real estate investment trust.
Spectrum Butterworth Hospital, the Meijer Heart Center, Helen DeVos Children’s Hospital and the Lemmen-Holton Cancer Pavilion are some of the notable medical facilities within this corridor. There are more than 17.8 million square feet of office space and over 253,000 people within a five-mile radius of the building.