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Marcus & Millichap Arranges University Place MOB Sale
Everwood Medical Center, a 18,627-square-foot medical office property located in University Place, traded hands for $6.55 million. The South End MOB asset is located at 7210 40th St. W.
Built in 2005, the Class A property is 76% leased to CHI Franciscan, a subsidiary of CommonSpirit Health, the largest non-profit health system by revenue in the U.S. The remaining 24% is leased to Light Dental Studios, a regional dentistry practitioner with 15 Puget Sound area locations. Both tenants had recently extended triple-net leases to secure positions in the highly desirable University Place medical marketplace.
Marcus & Millichap’s Matthew Herman and Stren Lea represented the seller, an unnamed individual/personal trust. The buyer, an undisclosed private investor, was secured and represented by Herman and Lea, as well.
Herman said, “We were able to generate nine qualified offers and through a competitive bidding process, effected a transaction well above the list price.”
For comments, questions or concerns, please contact Dennis Kaiser
- ◦Sale/Acquisition
