Forest Surgery Center's medical office facility in San Jose, Calif., changed hands for $13.5 million, according to commercial real estate news outlet RENTV.
Five details:
1. The transaction was part of a 1031 property exchange, meaning the buyer swapped one investment property for another. Marcus & Millichap's Levin Johnston Group represented the buyer in the transaction. The seller wasn't specified.
2. The buyer sold its ownership in a 33-unit multifamily property for $10 million, then reinvested the proceeds in Forest Surgery Center's medical office property.
3. All physicians in the 19,700-square-foot medical facility signed new leases of five to 10 years.
4. Forest Surgery Center is part of Bay Area Surgical Management, which comprises nine surgery centers in California.
5. Forest Surgery Center is situated in a medical hub directly across from O'Connor Hospital and near Santa Clara Valley Medical Center. The ASC offers musculoskeletal, urology, gynecology, general surgery, podiatry and gastroenterology services.
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