Home Commercial Market Street Development Affiliate Sells 68,424 SQFT Medical Building in Arlington for...

Market Street Development Affiliate Sells 68,424 SQFT Medical Building in Arlington for $32.5MM

Market Street Development, The Everett Clinic, Arlington, Puget Sound, Everett, Snohomish County, FK Arlington LLC, Santa Ana, Market Street Development, Market Street Healthcare Properties, Newport Beach, Arlington Municipal Airport, Amazon, Walmart, Safeway, United Health Group, Optum Inc, HC Government Realty Trust, Catalyst Capital Holdings, US Department of Veteran Affairs, VA Puget Sound Health Care System, Everett VA Clinic

By Kate Snyder

A medical clinic in Arlington recently traded hands in a sign that investors are still interested in the area. The Everett Clinic was sold for $32.5 million, or approximately $475 per square foot, according to Snohomish County public records. The buyer was an entity affiliated with Fred Kunik and FK Arlington LLC in Santa Ana, Calif. The seller was an entity affiliated with Sheldon Anderson, a co-founder of Market Street Development. Market Street Development is part of Market Street Healthcare Properties, a healthcare real estate investment and development firm headquartered in Newport Beach.

The 68,424 square foot clinic is located at 4011 172nd St. NE and sits within close proximity to the Arlington Municipal Airport. Other nearby businesses include an Amazon fulfillment center, Walmart and Safeway.

Market Street developed the property, according to information from the City of Arlington. The clinic just opened this year, industry reports show, and has partnerships with United Health Group and Optum, Inc. According to the clinic’s website, it offers services in imaging, specialty care and surgery.

Founded in 2010, Market Street partners with healthcare service providers for developing and owning medical real estate throughout the country, according to the firm’s website. In the past few years, Market Street has completed more than 65 ground-up developments and multiple core and value-add acquisitions. Those projects included ambulatory surgery centers, dialysis clinics, freestanding medical office buildings, outpatient clinics and other medical-related properties.

The Puget Sound region has seen other recent sales transactions involving medical buildings.

In one such deal earlier this year, a medical office building in Everett was acquired by North Carolina-based HC Government Realty Trust for $15.5 million, or approximately $553 per square foot, according to The Registry’s previous reporting. The seller in the transaction is an entity linked to Robert Pardo of Catalyst Capital Holdings. Located at 220 Olympic Blvd., the 28,000 square foot property is fully leased to the U.S. Department of Veteran Affairs, which utilizes the site as its VA Puget Sound Health Care System Everett Clinic.