Home Commercial University Place Office Property Trades for $6.5MM

University Place Office Property Trades for $6.5MM

University Place, Seattle, Marcus & Millichap, Everwood Medical Center, CHI Franciscan, CommonSpirit Health, Light Dental Studios

UNIVERSITY PLACE, WA, December 10, 2020– Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of Everwood Medical Center, a 18,627-square foot medical office property located in University Place, WA, according to Joel Andrew Deis, regional manager of the firm’s Seattle office. The asset sold for $6,550,000 (just under $352 per square foot).

Matthew Herman and Stren Lea, investment specialists in Marcus & Millichap’s Seattle office, had the exclusive listing to market the property on behalf of the seller, an individual/personal trust.The buyer, a private investor, was secured and represented by Matthew Herman and Stren Lea.  

Everwood Medical Center is located at 7210 40th St W in University Place, WA.  Built in 2005, this class A property is 76% leased to CHI Franciscan, a subsidiary of CommonSpirit Health, the largest non-profit health system by revenue in the USA. The remaining 24% is leased to Light Dental Studios, a regional dentistry practitioner with 15 Puget Sound area locations. Both tenants had recently extended their triple-net leases to secure their positions in the highly desirable University Place medical marketplace.

About Marcus & Millichap (NYSE: MMI)

With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 9,726 transactions in 2019 with a value of approximately $50 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors.