MILL CREEK, WA (October 19, 2018) – CBRE U.S. Healthcare Capital Markets is pleased to announce the sale of the Mill Creek Medical Pavilion (MCMP), a two-story, 26,126-square-foot medical office building north of Seattle.
Chris Bodnar and Lee Asher of CBRE’s Denver office partnered with Paul Carr, Steve Perovich and Marcus Yamamoto of the CBRE Puget Sound Healthcare Properties team to represent the seller, Coast Equity Partners in the transaction. A private investor acquired the property for $9.5 million.
“Pricing and demand for quality, well-marketed medical office buildings located in the Seattle area are as strong as ever,” said Paul Carr, Senior Vice President of CBRE’s Puget Sound Healthcare Group.
“We are seeing more investors shift focus away from multi-family and retail, to concentrate on what is considered recession-resistant product types, such as medical offices,” said Chris Bodnar, Vice Chairman and Co-Head of CBRE Healthcare Capital Markets. “This increased demand from both private and institutional buyers has kept pricing stable, despite recent movement in interest rates.”
The medical office building, located at 16030 Bothell Everett Highway approximately 30 minutes north of Seattle in the affluent suburb of Mill Creek, was originally constructed in 1983 and renovated in 2011. The property is currently 100 percent leased to a variety of healthcare providers, including outpatient services for family medicine, physical therapy, vision care, psychiatry and dentistry.
The property resides within a high traffic retail corridor on Bothell-Everett Highway and 161st Street Southeast with excellent access and exposure to approximately 26,000 cars that travel per day along the highway.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2017 revenue). The company has more than 80,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.