Sunday, August 26, 2012
SAN DIEGO, CA – Marcus & Millichap Real Estate Investment Services, the nation’s largest real estate investment services firm, has arranged the sale of a two-property, three-building, medical office building portfolio.
The properties are Bellwood General Hospital Medical Center (top left photo), a 36,827-square foot off-campus medical office building located in Bellflower, Calif., and the on-campus La Palma Medical Buildings, 5451 La Palma Ave. and 5471 La Palma Ave., which together total 58,812 square feet and are located in La Palma, Calif.
The terms of the sale were not disclosed.
John Smelter (lower left photo), a first vice president investments in Marcus & Millichap’s San Diego office, represented the seller, La Palma Medical Buildings LLC and Bellwood Medical Building LLC. The buyer was Positive Investments Inc.
“The Bellwood General Hospital Medical Center serves the Bellflower, Buena Park, Cerritos and Lakewood communities from its ideal location along Artesia Boulevard,” says Smelter. “The La Palma Medical Buildings are stable medical office properties in an improving city with a strong physician referral pattern.”
“Major property owners and lenders continue to show favor for on-campus medical buildings, but off -campus buildings will become ever more attractive as health systems and other providers respond to patient demands for greater convenience and readily accessible care,” Smelter adds.
The Bellwood General Hospital Medical Center is located at 10230 Artesia Blvd. in Bellflower, a growing Los Angeles suburb with a current population of 76,616. The center’s major tenants are Bellwood Medical Pharmacy, Pioneer Medical Group, Mid-Cities IPA and Quest Diagnostics.
The La Palma Medical Buildings are located directly adjacent to La Palma Intercommunity Hospital with visibility on La Palma Avenue and Walker Street and within close proximity of California State Highway 91. Major tenants include Labcorp, LP Towers Pharmacy and La Palma Intercommunity Hospital.
Public Relations Manager
Marcus & Millichap
MILWAUKEE, WI – Marcus & Millichap Capital Corporation (MMCC) has named Michael Carew (top right photo) an associate director in the firm’s Milwaukee’s office, according to William E. Hughes (lower left photo), senior vice president and managing director of MMCC.
In his new position, Carew will arrange debt and equity financing for a broad array of commercial real estate properties.
“Michael has a strong background in commercial real estate finance,” says Hughes. “His experience will be of great value to our clients in Milwaukee, Madison and throughout Wisconsin.”
Joining MMCC with 30 years of experience in sourcing, underwriting, financing and managing commercial real estate investments, Carew most recently served as president of CreativeVest Real Estate Advisory Services LLC, based in Hartland, Wis. He assisted real estate investors and lending clients in placing debt and equity.
For a complete copy of the company’s news release, please contact
Marcus & Millichap Capital Corporation
Orlando, FL -- Commercial Mortgage Advisors is pleased to announce the closing of this $7 million construction and permanent financing with a SBA 504 loan for a proposed Holiday Inn Express at 12250 East Colonial Drive, Orlando, Florida.
This loan will be funded by Urban Trust and IDSC, for Premier Resorts and Management Commercial Mortgage.
David J. Patten, CMB-Master
Commercial Mortgage Advisors
605 East Robinson Street, Suite 500
Orlando, FL 32801
Cell 407-808-7273; Fax 407-420-9589