Grubb & Ellis was retained by Legacy II, LLC to assist in the sale of the Select Medical building in Akron, located at 200 East Market Street . Health Care REIT of Toledo purchased the medical facility for $20,500,000, or $376.50 per square foot. Health Care REIT, Inc. is a real estate investment trust, which invests in health care real estate, senior housing, and provides property management and development services.
With a CAP rate of just under 9%, this investment property generated much interest, and remained on the market for just a short time before going under contract. The 54,448 sf long-term acute care hospital (LTACH) features a pharmacy, treatment room, radiology area, and administrative offices. Not only has Select Medical been the only LTACH to ever sell in Northeast Ohio, it is also the largest medical facility sale in the area in fifteen years.
Terry Coyne, of Grubb & Ellis, represented the seller Legacy II, LLC.
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