Press Releases
MARCUS & MILLICHAP ARRANGES THE SALE OF A MULTI-TENANT MEDICAL OFFICE IN MIDLAND, MICHIGAN
February 15, 2024MARCUS & MILLICHAP ARRANGES THE SALE OF A MULTI-TENANT MEDICAL OFFICE IN MIDLAND, MICHIGAN, February 15, 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 Great Lakes Bay Surgery & Endoscopy Center, a 23,420-square foot multi-tenant medical office property located in Midland, MI, according to Steven Ross Chaben, regional manager of the firm’s Detroit office. The asset sold for $9,850,000.
Seth Haron, Ashish Vakhariya, and Darin Gross, investment specialists in Marcus & Millichap’s Detroit office facilitated the transaction on behalf of the buyer and seller. “The property was anchored by a multi-specialty ambulatory surgery center, guaranteed by MyMichigan Health (affiliated with the University of Michigan), which drove strong investor interest. It featured high end specialized buildout and a Certificate of Need (CON), leading to high tenant renewal probability down the road. The strong tenant profile and ASC use were key drivers in attracting a large buyer pool.” says Seth Haron, First Vice President Investments within the National Healthcare Real Estate Group. “We ended up closing the deal with an all cash buyer in 30 days.”
In the past twenty-four months, Seth Haron, Ashish Vakhariya, and Darin Gross have sold or have under contract to sell over $222 Million of medical office and retail investment properties throughout numerous states spanning the Midwest and beyond.
# # #
About Marcus & Millichap (NYSE: MMI)
With nearly 2000 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 12,272 transactions in 2022 with a value of approximately $86.3 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.
