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| John Smelter |
SAN DIEGO, CA, June 18, 2014 – Marcus & Millichap (NYSE:
MMI), a leading commercial real estate investment services firm with offices
throughout the United States and Canada, today announced that John Smelter,
a senior director of the firm’s Healthcare Real Estate Group in San Diego,
negotiated the sale of five medical office properties in locations across the
country during the second quarter of 2014.
“After a
record-setting year in 2013 for medical office sales, many analysts predicted a
slowdown in 2014,” says Smelter.
“While there has been a lessening in the volume of medical
office property sales, especially between the record-setting fourth quarter of
2013 and the first quarter of 2014, demand for the product remains high and
pricing continues to be strong.”
“Changes
in healthcare policy and demographic shifts will keep boosting demand for
medical office space,” adds Smelter, “although investors must keep in mind that
healthcare providers have to innovate in order to improve efficiency and
profitability in the face of rising costs, an intensifying physician shortage,
reduced reimbursements and elevated accountability.”
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| PinnacleHealth, Wormleysburg, PA |
Among
Smelter’s sales in the second quarter were an on-campus single-tenant medical
office building, an on-campus value-add two- property portfolio and a
single-tenant two-property medical office portfolio, all of which closed in
separate transactions.
In Berwyn,
Ill., Smelter arranged the sale of the 42,779-square-foot Berwyn Medical Center
for $11,000,000.
This single-tenant property, leased to Tenet Healthcare Corp.,
is situated directly across from the Tenet MacNeal Hospital.
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| Michael Lawrence |
In Wormleysburg
and Carlisle, Pa., he arranged the sale of the 40,485-square-foot,
two-building, single-tenant PinnacleHealth Portfolio for the buyer, Physicians
Realty Trust, for $9,208,000.
Benjamin Appel, an associate director of Marcus
& Millichap’s National Office and Industrial Properties Group (NOIPG), and
Erik Gainor, an NOIPG director, both in the firm’s Philadelphia office, acted
on behalf of the seller as list-side advisors.
In San
Diego, Calif., Smelter arranged the $14,250,000 sale of the 107,330-square-foot two-building Alvarado Portfolio,
which was jointly owned by ScanlanKemperBard Companies and the Praedium Group,
to Reddy Development.
At the
end of the first quarter, Smelter also represented ScanlanKemperBard and the
Praedium Group in the sale of the 38,315-square-foot Lakewood Medical Building
in Lakewood, Calif., for $5,025,000 to a private party.
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| John Przybyla |
Michael
Lawrence, a senior vice president investments in Marcus & Millichap’s
Newport Beach office, provided additional representation on the Alvarado
Portfolio and Lakewood Medical Building transactions. First vice president John
Przybyla is the firm’s broker of record in Illinois.
For a complete copy of the company’s news release, please
contact:
Gina Relva
Public Relations Manager
(925) 953-1716
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