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Real estate firm acquires Michigan Orthopedic Center for $14.8M

An out-of-state health care real estate company plans to expand operations in the Ann Arbor area after buying the Michigan Orthopedic Center for $14.8 million. Included in the purchase was the Center's 86,125-square foot facility, which has an estimated value of close to $9 million. The purchase marks the Midwestern firm's first acquisition in Michigan. "We were attracted to this because of the strength of the healthcare system," explained an official with the real estate firm. "This is a very strong hospital and we're looking to grow our footprint in Michigan."

The Michigan Orthopedic Center is part of the St. Joseph Mercy Health System, which occupies around one quarter of the recently-purchased building. While all but 2 percent of the remaining space is currently being leased by orthopedic specialists, the facility's new owner says it is looking for new occupants. A representative with the company said the tenants will likely be area physicians who would be added to St. Joseph's staff.

The real estate firm is reportedly looking for additional hospitals and related properties to purchase in Michigan in order to expand its portfolio in the state. An official with the company cited well-regarded universities and project employment growth as the firm's primary reason to invest in the Ann Arbor region as well as Michigan at large. He said that the company chose to buy the Center after its former owners put it up for sale as they approached retirement. "Some of them are getting older and were looking to cash out and just sell the building," he explained.

The purchasing company has over $2.5 billion in assets and has added hundreds of commercial properties totaling over 50 million square feet to its portfolio in recent years. The full-service firm has represented buyers and sellers in over 10,000 transactions nationwide.

Source:, "Chicago company purchases Michigan Orthopedic Center for $14.8M, eyes further Ann Arbor expansion," Katrease Stafford, Jan, 31, 2013

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