Marcal Group sells Bensonhurst medical office for $82M
Private equity firm MedProperties and Physicians Realty Trust partner to buy 140K-sf Calko Medical Center
A nine-story health care facility in Bensonhurst sold for $81.5 million in one of the city’s largest medical office deals since the start of the pandemic.
Dallas-based private equity firm MedProperties Realty Advisors and Wisconsin-based Physicians Realty Trust acquired the Calko Medical Center, a 140,000-square-foot, multi-tenant property at 6010 Bay Parkway from developer Mark Caller’s Marcal Group, according to sources familiar with the deal. The purchase price works out to about $580,000 per square foot.
Tenants in the building, completed in 2013, include the Maimonides Medical Center, Brooklyn Surgery Center and Genesis Fertility & Reproductive Medicine. The property also has an urgent care center, a pathology lab and a pharmacy.
Marcal has taken out multiple loans on the project since its completion, records show. In 2014, Five Mile Capital provided a $9 million loan and acquired a $40 million loan secured by the property. In 2015, Deutsche Bank acquired the combined $49 million loan from Five Mile.
Investors are expected to pump $25 billion into health care properties this year, up from $16 billion last year, according to CBRE, thanks in part to their perception of the asset class as recession-proof.
“Alternative real assets, specifically health care properties, are on every institutional investor’s mind right now given the pandemic’s effect on traditional property types,” said commercial real estate advisor Maarten Deschaumes, who brokered the deal.
Demand for health care space is particularly strong in New York. At 6.8 percent, the vacancy rate for medical offices in the city was the second-lowest of all major U.S. markets last year, according to Colliers.
The Marcal Group, MedProperties Realty Advisors and Physicians Realty Trust did not return requests for comment.