Cleveland-Area MOB Changes Hands
The University Hospitals Wellness Campus at 8655 Market St. in Mentor, Ohio, has changed hands. According to Lake County records, Lake Development Authority was the owner of the property. CBRE U.S. Healthcare Capital Markets represented the seller in the transaction.
The single-tenant facility is fully leased to Lake Health, which is part of the University Hospitals Health Systems. According to public records, University Hospitals held a ground lease agreement with the owner. In August last year, Mentor University Hospitals Urgent Care clinic relocated from 8655 Market St. to 6900 Center St., Cleveland.com reported.
The two-story building encompasses a total of 85,977 square feet. The Class A outpatient clinic provides a variety of services, including physical therapy, sports medicine, urgent care, primary care, integrative medicine, cardiology, pain management, orthopedics, imaging and a clinical laboratory.
The campus covers 8.8 acres and has access to U.S. Route 2. Downtown Cleveland is 25 miles southeast of the property. Medical facilities in the surrounding area include Lake Ambulatory Care Center, UH Mentor Hopkins Health Center, Erieside Medical Group and University Hospitals Urgent Care Mentor, among others.
The CBRE team involved in the deal included Vice Chairman & Managing Director Chris Bodnar, Senior Vice President Zack Holderman, Senior Director Trent Jemmett, as well as Vice Presidents Cole Reethof and Jesse Greshin.
Between January 2023 and January 2024, four other primarily medical office buildings changed hands in the Cleveland-Akron market, totaling some 80,000 square feet, CommercialEdge data shows.
Investor interest in outpatient clinics continues to be on the rise, despite the economic challenges that have made their mark on the commercial real estate sector over the last year. The medical office sector still thrives due to its specificity.
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