Press Releases
MARCUS & MILLICHAP ARRANGES THE SALE OF A SANFORD HEALTH MEDICAL OFFICE PORTFOLIO IN BEMIDJI, MINNESOTA FOR $23.2 MILLION
April 23, 2024MARCUS & MILLICHAP ARRANGES THE SALE OF A SANFORD HEALTH MEDICAL OFFICE PORTFOLIO IN BEMIDJI, MINNESOTA FOR $23.2 MILLION, April 23, 2024 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of Sanford Health Clinic Portfolio, comprised of two, neighboring medical buildings consisting of 74,700-square feet, located in Bemidji, MN, according to Todd Lindblom, regional manager of the firm’s Minneapolis office.
Seth Haron, Ashish Vakhariya, and Darin Gross, investment specialists in Marcus & Millichap’s Detroit office facilitated the transaction on behalf of the seller and collaborated with Sykes Cargile and Rob Lyons from the Brentwood, Tennessee office on behalf of the buyer. “The properties were occupied by a multi-specialty health clinic guaranteed by a subsidiary of Sanford Health. The properties sit adjacent to the Sanford Health Bemidji Medical Center and Sanford WoodsEdge Senior Living Campus. Sanford Health, rated AA- by Fitch, is the largest rural health system in the U.S. and the primary employer in the Bemidji Metro Area. The strong tenant profile along with the immediate proximity to Sanford’s hospital were key factors in driving investor demand,” says Seth Haron, First Vice President Investments within the National Healthcare Real Estate Group. “We successfully closed the transaction with an all-cash buyer in 72 days.”
In the past twenty-four months, Seth Haron, Ashish Vakhariya, and Darin Gross have sold or have under contract to sell over $165 Million of medical office and retail investment properties throughout numerous states spanning the Midwest and beyond.
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About Marcus & Millichap (NYSE: MMI)
With nearly 1,800 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 7,546 transactions in 2023 with a value of approximately $43.6 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.
