A Canadian health-focused real estate investment trust has acquired an Amherst medical office building located just a stone's throw from Millard Fillmore Suburban Hospital.
Toronto-based Mohawk Medical Properties, through Mohawk Medical Acquisitions Canada II, bought the East Amherst Medical Building at 1150 Youngs Road from 1150 Youngs Road Inc., paying $7.732 million, according to McGuire Development Co., which brokered the deal. The seller is registered to Drs. John J. Bodkin II, Fred Hirsh and Harry Metcalf of Highgate Medical Group PC, one of the building's tenants.
Located less than one block from the Kaleida Health hospital, the 4.2-acre site contains a fully occupied 51,000-square-foot stand-alone building that is home to several medical tenants, including Highgate, Spectrum Radiology Associates, Quest Diagnostics, Delaware Surgical Group, Audiology Service Associates, Ascend Therapy Group, Growing Smiles, UBMD Surgery and UBMD Vascular Lab and three individual doctors.
“This transaction had a lot of moving parts," said Vito Picone, senior director of business development at McGuire, who handled the transaction for the seller. "It was a complex deal in that it is a multi-tenant building and we had an international buyer.”
Mohawk Medical is a mutual fund real estate investment trust that was formed in September 2012 by two veteran health care real estate investors. The firm primarily buys and manages Canadian medical office buildings in several provinces, but has also expanded to include two properties in Florida and one in Camillus, N.Y. It currently owns 13 properties in all.