Our News

May 7, 2013

IN THE NEWS – Ackerman Sells MOBs for $21.6 million


By Jordan Kellermeyer
CoStar Group

Griffin-American Healthcare REIT II has closed on its acquisition of the Keystone Medical Center in Novi and the West Oaks Medical Center in West Bloomfield, MI for $21.6 million, or about $229 per square foot. The multi-tenant, class A medical office buildings have a combined rentable building area of 94,341 square feet.

The Keystone Medical Center is a three-story, 57,636-square-foot property constructed in 2006 at 46325 W. 12 Mile Rd. in Novi, part of Detroit’s I-96 Corridor submarket. The West Oaks Medical Center is a two-story building that measures 36,705 square feet. The building is currently 95 percent leased by a variety of medical tenants, including the Michigan Orthopedic Institute.

Spencer Coan and Andrew Murphy of Ackerman & Co. represented the seller, RSM Real Estate Services.

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