Tuesday, October 9, 2012

$30.4 Million Medical Office Building Sale Brokered by Marcus & Millichap



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.

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.

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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