Avison Young brokers sale of 31,500-sf medical office building in Cleveland area9 Jul 2019
Montecito Medical acquires medical office building and surgery center
Greenville, SC — Avison Young, the world’s fastest-growing commercial real estate services firm, announced today that it has negotiated the sale of a 31,500-square-foot (sf) medical office building in the Cleveland metropolitan area.
Gary Lyons, a Senior Vice-President in Avison Young’s Greenville office, was responsible for identifying the opportunity for the buyer, Montecito Medical Real Estate. Christopher Livingston, a Principal of Avison Young and Managing Director of the firm’s Cleveland office, and Jon Elson, a Vice-President in the company’s Cleveland office, represented the seller, Pearl Professional Building, LLC.
“Montecito Medical has been a consistent leader in the medical office building investment space for many years,” comments Lyons, who specializes in the marketing, disposition and acquisition of investment properties. “Working creatively with my colleagues in Cleveland, we were able to facilitate Montecito’s further expansion in the northeastern Ohio medical market.”
The building, located at 6900 Pearl Road in the Cleveland suburb of Middleburg Heights, OH, is a three-story multi-tenant medical office building and surgery center. Built in 2006, the building is home to anchor tenant SouthWest Urology. Other tenants provide services related to radiology and imaging, pathology and general medicine.
“We were pleased to collaborate with Gary and our Greenville team on this transaction,” says Livingston, who specializes in healthcare investment property sales. “This transaction demonstrates the strong demand for medical office properties prevalent across the U.S. and buyers’ willingness to invest in multiple markets.”
For further information/comment/photos:
Gary Lyons, Senior Vice-President, Capital Markets,
Avison Young: 864.301.8384