Assignment
Pacific Real Estate Partners, Inc. Investment Team was retained by Skony Alexander Properties to sell a 3-building Class A medical office portfolio. Two of the assets are located adjacent to the Allenmore Hospital Campus in Tacoma and the third is located on the campus of St. Francis Hospital in Federal Way.
Objective
The primary objective was to maximize price on this premier portfolio that was a 95% leased stabilized offering in light of a complex loan situation.
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Challenges
The asset had three in-place loans, one of which needed to be assumed. The other two had substantial defeasance costs which exceeded $1.5M in total. Additionally, one of the medical properties was on a ground lease.
Results
The portfolio traded at record pricing for medical office buildings regionally at $415 per square foot and a 5.6% cap rate.
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