Press Releases
Marcus & Millichap Arranges the Sale of a $23 Million Minnesota Medical Office Portfolio
March 29, 2024
Bemidji, Minnesota, March 29, 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, Minnesota, according to Steve Chaben, regional manager of the firm’s Detroit office. The assets sold for a combined price of $23,200,000.
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. Jon Ruzicka Broker of Record of Minnesota assisted in closing this transaction. “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 Division. “We successfully closed the transaction with an all-cash buyer in 72 days.”
In the past 24 months, Haron, Vakhariya, and 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.
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. Jon Ruzicka Broker of Record of Minnesota assisted in closing this transaction. “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 Division. “We successfully closed the transaction with an all-cash buyer in 72 days.”
In the past 24 months, Haron, Vakhariya, and 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, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.
