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:
Source: The Buffalo News