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Owner-User Buys Medical Office Building for $2.1M

OLYMPIA, WA-The 12,622-sf building has been leased by Group Health since it was developed in 1988. Sun Life Financial acquired the building that same year. With Group Health's 15-year lease term expiring this month, Sun Life has sold to Sea Mar Community Health Centers for $2.1 million.

By Brian K. Miller | Updated on June 02, 2003

OLYMPIA, WA-A 12,622 medical office building in Olympia has traded hands for $2.1 million. Sun Life Financial US of Wellesley Hills, MA sold the one-story structure at 3030 Limited Lane to Sea Mar Community Health Centers, a Washington non-profit public benefit corporation.

Sun Life acquired the building as an investment in 1988, the same year Quadrant Corp. developed it for Seattle-based Group Health Cooperative, the nation’s second largest consumer-governed nonprofit health care system. Group Health inked a 15-year lease in 1988. That lease expires at the end of this month.

With Group Health not planning to renew its lease, Sun Life was able to find an owner-user to acquire the building instead of having to find a new tenant for the building. Sea Mar, which specializes in providing health care to the Latino community, will use the building as an office and clinic location just as Group Health did.

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