Marcus & Millichap Inc.
01/08/2025 | Press release | Archived content
Marcus & Millichap Facilitates $2.9 Million Sale of Michigan Gastro Institute Medical Office in East Lansing, Michigan
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Marcus & Millichap Facilitates $2.9 Million Sale of Michigan Gastro Institute Medical Office in East Lansing, Michigan
January 08, 2025
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EAST LANSING, Mich., Jan. 8, 2024 - Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of a single tenant medical office property leased to Michigan Gastro Institute (MGI) in East Lansing, Michigan. The property sold for $2.9 million.
"The property's strategic location in East Lansing, near University of Michigan-Sparrow Hospital and Michigan State University, combined with its long-term lease to Michigan Gastro Institute, were key factors in generating interest," said Seth Haron, first vice president investments. "Michigan Gastro Institute's reputation as a leading provider of gastrointestinal care in the region, along with its ideal location, underscores the asset's attractiveness to investors seeking stable medical office investments. The buyer and seller were great to work with, which led to a smooth transaction."
Haron, Ashish Vakhariya and Darin Gross, investment specialists in Marcus & Millichap's Detroit office, had the exclusive listing to market the property on behalf of the seller, MGI Investments, LLC, and procured the buyer, Corey Walz and Collin Kraft of Walz Kraft Capital Partners.
"Upon touring the surrounding area of the property, we were impressed by the new construction and revitalization in East Lansing," said Collin Kraft, partner at Walz Kraft. "We're thrilled with this acquisition. It was a pleasure doing business with MGI and Broker Seth Haron who facilitated the transaction seamlessly."
Built in 1998, the 11,010-square-foot office property is on 1.87 acres at 1650 Ramblewood Drive. MGI's services include upper endoscopy, endoscopic retrograde, cholangiopancreatography, rectal endoscopic ultrasound, flexible sigmoidoscopy, colonoscopy, ostomy, capsule endoscopy and liver biopsy. Its nearby surgery center offers robotic colon surgery, laparoscopic colon surgery and minimally invasive procedures.
"The property's strategic location in East Lansing, near University of Michigan-Sparrow Hospital and Michigan State University, combined with its long-term lease to Michigan Gastro Institute, were key factors in generating interest," said Seth Haron, first vice president investments. "Michigan Gastro Institute's reputation as a leading provider of gastrointestinal care in the region, along with its ideal location, underscores the asset's attractiveness to investors seeking stable medical office investments. The buyer and seller were great to work with, which led to a smooth transaction."
Haron, Ashish Vakhariya and Darin Gross, investment specialists in Marcus & Millichap's Detroit office, had the exclusive listing to market the property on behalf of the seller, MGI Investments, LLC, and procured the buyer, Corey Walz and Collin Kraft of Walz Kraft Capital Partners.
"Upon touring the surrounding area of the property, we were impressed by the new construction and revitalization in East Lansing," said Collin Kraft, partner at Walz Kraft. "We're thrilled with this acquisition. It was a pleasure doing business with MGI and Broker Seth Haron who facilitated the transaction seamlessly."
Built in 1998, the 11,010-square-foot office property is on 1.87 acres at 1650 Ramblewood Drive. MGI's services include upper endoscopy, endoscopic retrograde, cholangiopancreatography, rectal endoscopic ultrasound, flexible sigmoidoscopy, colonoscopy, ostomy, capsule endoscopy and liver biopsy. Its nearby surgery center offers robotic colon surgery, laparoscopic colon surgery and minimally invasive procedures.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2023, the company had 1,783 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,546 transactions in 2023, with a sales volume of approximately $43.6 billion. For additional information, please visit www.MarcusMillichap.com.