Press Releases
Marcus & Millichap Arranges The Sale Of A Mclaren Bay Region Anchored Medical Center In Midland, MI
January 12, 2023Marcus & Millichap (NYSE: MMI), a leading commercial real estate investment services firm with offices throughout the United States and Canada, has announced the sale of McLaren of Midland, a 54,304-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 $16,350,000.
Seth Haron, Ashish Vakhariya, and Darin Gross, investment specialists in Marcus & Millichap’s Detroit office, along with Brett Rodgers and Frank Roti in the Chicago Downtown office facilitated the transaction between the buyer and the seller. “The McLaren of Midland medical center attracted strong investor demand. The Class-A building was occupied by a diverse mix of medical and office-oriented tenants with 56 percent of the GLA being occupied by McLaren Bay Region (Fitch Credit Rating: AA-)” says Seth Haron, First Vice President Investments within the National Healthcare Real Estate Group. “Key drivers included an investment grade anchor tenant, long-tern triple-net lease structures with scheduled rental increases, upside potential through future lease-up and location in a desirable market.”
In the past twenty-four months, Seth Haron, Ashish Vakhariya, and Darin Gross have sold or have under contract to sell, $175.6 Million of retail and medical office investment properties throughout numerous states spanning the Midwest and beyond.
