A Chicago real estate investment firm paid $44.5 million on Wednesday to acquire a 17.87-acre medical office property in the Southtowns from an affiliate of Orchard Park developer Krog Corp.
MBRE Healthcare, through Orchard Park 5959 Medical Properties LLC, bought the 116,000-square-foot single-story building at 5959 Big Tree Road in Orchard Park from Quaker 20A Realty LLC, according to records filed with the Erie County Clerk's Office.
Located at the intersection of Routes 20A and 219, the Class A office building was constructed in 2013 and is host to multiple medical offices and clinics, with 591 parking spaces.
Tenants include UB Neurosurgery, UB Orthopaedics, General Physician PC, Kaleida Health's Southtowns Surgery Center and Laboratory Patient Service Center, Great Lakes Cardiovascular, Great Lakes Medical Imaging, Chestnut Ridge Family Medical Care and an ambulatory surgery center.
MBRE Healthcare is a full-service firm that buys, develops, leases and manages health care properties nationwide, with more than 11 million square feet in its portfolio. It offers financing, consulting and development, project and property management services. It's part of MB Real Estate, a Chicago firm co-owned by developers Edward and Howard Milstein. Howard Milstein also owns NFR Development, which has significant real estate holdings in Niagara Falls.