Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the five-property portfolio sale of medical clinics leased and operated by WellMed, which includes four properties in Texas and one property in Florida, according to Ryan Nee, first vice president and district manager of the firm’s Fort Lauderdale office. The combined asset sold for $16,250,000.
All five properties were 100% occupied by WellMed. WellMed is a multibillion-dollar revenue healthcare company providing care for more than 700,000 adults with over 16,000 doctors’ offices in Texas and Florida.
Alan Lipsky, Barry M. Wolfe, Joseph P. Thomas and Adam Duncan, investment specialists in Marcus & Millichap’s Fort Lauderdale office, had the exclusive listing to market the property on behalf of the seller, a limited liability company. Lipsky and Wolfe also procured the buyer of the portfolio. Texas Broker of Record, Tim Speck, assisted in closing this transaction.
The five properties are located:
- 5846 Wooldridge Rd, Corpus Christi, Texas 78414
801 S Main St, McAllen, Texas 78501
507 W Alexander St, Plant City, Florida 33563
501 N Yarbrough Dr, El Paso, Texas 79915
8303 W Military Dr, San Antonio, Texas 78227
The WellMed properties were recently renovated over the last five years for $2,250,000 million, which included expansions for a combined 335,847-square-feet of lot size. In rentable square feet, the Corpus Christi location features 9,202 SF; the McAllen location is 11,006 SF; the Plant City location is 13,754 SF; the El Paso location is 13,087 SF, and the San Antonio location totals 8,400 SF.
“The sale of this portfolio exhibits the strength of the medical-retail sector. Our marketing generated offers from both private party and institutional buyers. We work on a daily basis with 1031 investors and many of them are attracted to the stability of the medical-retail sector,” said Lipsky, first vice president investments in the Fort Lauderdale office.
Wolfe, a senior managing director investments in the Fort Lauderdale office, also shared that “this portfolio was the 53rd closing of the year for Alan and myself on behalf of our clients. Our work with numerous owners, developers, and brokers has helped us to successfully transact on over $193 million in deals so far this year with over twenty more transactions scheduled to close over the balance of 2021.”
Wolfe and Lipsky specialize in selling single-tenant properties nationwide on behalf of their clients.
WellMed has more than 380 locations throughout Florida and Texas and is part of OptumCare, a UnitedHealth Group Company.
About Marcus & Millichap (NYSE: MMI)
With over 2,000 investment sales and financing professionals located throughout the United States and Canada, Marcus & Millichap is a leading specialist in commercial real estate investment sales, financing, research and advisory services. Founded in 1971, the firm closed 8,954 transactions in 2020 with a value of approximately $43 billion. Marcus & Millichap has perfected a powerful system for marketing properties that combines investment specialization, local market expertise, the industry’s most comprehensive research, state-of-the-art technology, and relationships with the largest pool of qualified investors. To learn more, please visit: www.MarcusMillichap.com.
