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| Bronson LakeView Outpatient Center |
PAW PAW, MI– Marcus & Millichap Real Estate Investment
Services, the nation’s largest real estate investment services firm, has closed
on the sale of Bronson LakeView Outpatient Center, a 100,321-square foot
single-tenant medical office building fully occupied by the Bronson Healthcare
Group in Kalamazoo. The sales price of $30,430,000 equals $303 per square foot.
Gino
Lollio and Scott Niedergang, senior associates in Marcus &
Millichap’s Chicago Downtown office, represented the seller, a private
investor. Lollio and Niedergang also represented the buyer, a non-traded REIT
based in New York City. Jonathan Dwoskin, regional manager of Marcus
& Millichap’s Detroit office, is the firm’s broker of record in the state
of Michigan.
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| Gino Lollio |
“Demand
for recently constructed, multi-specialty medical office buildings leased to
leading health systems has intensified,” says Lollio. “Offerings such as the
Bronson LakeView Outpatient Center receive strong interest from investors
seeking a durable income stream with minimal landlord responsibilities.”
“The multiple offers sourced during the marketing process
were from investors attracted to Bronson Healthcare Group’s strong credit,
which is driven by their substantial presence in the Kalamazoo community and
surrounding areas,” adds Niedergang.
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| Scott Niedergang |
The lease has approximately nine years remaining with two
five-year options to extend and provides for annual CPI increases that are
capped at 2.75 percent. The tenant is responsible for all maintenance and
expenses associated with the property, including roof and structure, and for
the replacement of building components, including the HVAC system and roof.
Bronson LakeView Outpatient Center was built to suit in
2006. The property is located at 451 Health Parkway in Paw Paw, which is
approximately 20 miles west of Kalamazoo, Mich.
Contact:
Stacey Corso
Public Relations Manager
(925) 953-1716
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