Medical Office Building Trades for $13M

JACKSONVILLE, FL—The medical office market is seeing some action in north Florida. Emerson Medical Plaza Building 2 just traded hands. The 34,000-square-foot medical office building sold to HSRE – Emerson for $13.26 million, which equates to $390 per rentable square foot.

“This transaction was unique as it is a satellite campus for Shands,” John Smelter, a first vice president investments and senior director of the Healthcare Real Estate Group in the San Diego office of Marcus & Millichap, tells GlobeSt.com. “The trend hospitals will continue to focus on is off campus satellite sites housing MOBs and surgery centers versus building new hospitals to pick up market share in the outlying regions where there are existing hospitals.”