By Kate Snyder
A medical center in Monroe traded hands, showing that investors continue to be interested in what the area has to offer. According to Snohomish County public records, EvergreenHealth Primary Care was purchased for $21 million, or approximately $428 per square foot, by an entity that shares an address with Remedy Healthcare Properties, a full-service healthcare real estate company based in Chicago that advertises itself as the largest private owner of healthcare properties in the country. The seller was an entity that shares an address with Harrison Street, an investment management firm exclusively focused on alternative real estate assets.
Located at 14841 179th Ave. SE, the three-story building totals about 49,027 square feet, according to a listing for the property on LoopNet. Each floor is approximately 16,267 square feet, and the structure was built in 2005.
The hospital’s roots stem from the early 1960s, when residents of east Snohomish County decided the best way to provide hospital services to their growing area was to form a public hospital district, according to the property’s website. The hospital district raised funds to renovate the existing Valley View Hospital, which was renamed Valley General Hospital. Decades later, the district decided to affiliate with the EvergreenHealth system, a public hospital district based just to the south in northeast King County. As part of the new strategic partnership, the hospital’s name changed again to EvergreenHealth Monroe in March 2015.
Several medical buildings in the region have traded hands recently.
The Everett Clinic in Arlington was sold for $32.5 million, or approximately $475 per square foot, according to The Registry’s previous reporting. The buyer was an entity affiliated with Fred Kunik and FK Arlington LLC in Santa Ana, Calif. The seller was an entity affiliated with Market Street Development, which 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.
Earlier this year, a medical office building leased to the U.S. Department of Veteran Affairs was acquired by North Carolina-based HC Government Realty Trust for $15.5 million, or approximately $553 per square foot. The seller in the transaction was an entity linked to Robert Pardo of Catalyst Capital Holdings. The federal government utilizes the site as the VA Puget Sound Health Care System Everett Clinic. The 28,000 square foot property is located at 220 Olympic Blvd.