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Dec 23, 2019

Real estate investment trust pays $45M for two suburban medical properties

Being involved in medicine pays – and not just for the doctors.

A Milwaukee-based real estate investment trust that focuses on health care properties has acquired a pair of medical office buildings in Orchard Park and Cheektowaga from a competitor, for $45 million.

Physicians Realty Trust – known informally as “DocREIT” – paid $36 million through PMAK Cheektowaga LLC on Wednesday to acquire a complex at 3085 Harlem Road.

PRT also paid $9.7 million on Tuesday, through PMAK Orchard Park LLC, to purchase an office building at 500 Sterling Drive.

In both cases, the sellers were entities controlled by MB Real Estate Healthcare of Chicago. PRT and MBRE are two of the nation’s biggest medical office building REITS.

The Sterling property, located near the intersection of Route 219 and Milestrip Road, is home to Western New York Urology Associates and Great Lakes Medical Imaging. The Cheektowaga property is the three-story Harlem Professional Park building, which also houses WNY Urology and Great Lakes Medical Imaging, as well as Cancer Care of Western New York and medical administration firm Maxim Medical Services.

In other large deals:

  • Restaurant operator Carrols Corp. of Syracuse paid $1.2 million to acquire an IHOP Restaurant in the Thruway Plaza in Cheektowaga from an entity controlled by DRA Advisors of New York. The restaurant sits on 1.05 acres of land in the larger strip shopping center at the corner of Harlem Road and Broadway.
  • Investor Gary S. Hallam, through Complete 7 Properties of Williamsville, paid $912,000 to buy a 10-unit two-story apartment complex at 10390 Main St. in Clarence from Raymond and Krista Bova’s RBJ Properties. The 1.07-acre property was built in 1960.

Source:  The Buffalo News

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