Avison Young Announces Sale Of Marin Cancer Institute To Harrison Street Real Estate Capital For $32MM

Harrison Street Real Estate Capital, Harrison Street Core Property Fund, Avison Young, Marin Cancer Institute, Marin General Hospital, San Francisco Bay Area, Marin County,

(EDITOR’S NOTE: According to sources familiar with the details of this transaction, the property closed for $32 million. That brings the price on a per square foot basis is at $706. This is a record price for a medical office building over 15,000 square feet in the San Francisco Bay Area, according to sources. Harrison Street Real Estate Capital acquired the property for its core fund, the Harrison Street Core Property Fund. This is a commingled fund that only invests in medical office, self-storage and senior/student housing.)

Avison Young, the world’s fastest-growing commercial real estate services firm, announced today the sale of the Marin Cancer Institute, a 45,277 square-foot (sf) class A medical office building located on the campus of Marin General Hospital at 1350 S Eliseo Dr, Greenbrae, CA. The building was acquired by Harrison Street Real Estate Capital (Harrison Street), one of the largest real estate investment firms dedicated to the education, healthcare and storage sectors.

Avison Young Senior Associate Nadav Kariv, Vice President Laef Barnes, and Executive Vice-President of healthcare services Mark Johnson, executed the off-market sale with Harrison Street.

Mark Burkemper, Director with Harrison Street, said, “We are excited to add this premier medical office property to our portfolio. Located on Marin General Hospital’s campus, the Marin Cancer Institute offers world-class care to a population with strong and stable demographics and creates an attractive, need-based investment opportunity for our institutional clients. We are committed to ensuring the transition from the previous ownership is seamless.”

“Core medical office assets seldom trade in the San Francisco Bay Area market, making this single-tenant NNN master leased, on-campus property in affluent Marin County a unique and exciting transaction,” adds Kariv. “We are pleased to have worked with Harrison Street, one the leading real estate investors as we continue to build upon our track record of healthcare investment sales success across the U.S.”

About Avison Young
Avison Young is the world’s fastest-growing commercial real estate services firm. Headquartered in Toronto, Canada, Avison Young is a collaborative, global firm owned and operated by its principals. Founded in 1978, the company comprises 2,600 real estate professionals in 82 offices, providing value-added, client-centric investment sales, leasing, advisory, management, financing and mortgage placement services to owners and occupiers of office, retail, industrial, multi-family and hospitality properties. For more information, visit www.avisonyoung.com.

About Harrison Street Real Estate
Harrison Street Real Estate Capital LLC is one of the leading real estate investment management firms exclusively focused on the Education, Healthcare and Storage sectors. The firm has created a series of differentiated investment products across multiple risk/return strategies. Headquartered in Chicago with an office in London, the firm has 115 employees and has approximately $12.8 billion in assets under management. For more information, please visit www.harrisonst.com.

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