John Wilson, president of HSA PrimeCare, the national health care real estate division of Chicago-based HSA Commercial Real Estate, announced today that the firm recently purchased the four-story, 86,125-square-foot Michigan Orthopedic Center at 5315 Elliot Drive in Ypsilanti, Mich. The facility is anchored by St. Joseph Mercy Health System and some of the leading orthopedic surgeons in the state and is situated within the 340-acre St. Joseph Mercy Hospital Ann Arbor campus. HSA PrimeCare purchased the property from Michigan Orthopedic Center Properties, a partnership of local medical practitioners. HSA PrimeCare partnered with Boler Properties on the acquisition which was represented by Greg French, CCIM, of Inverness-based French Commercial Realty.
St. Joseph Mercy Health System occupies approximately 25 percent of the building’s leasable square feet. The remainder of the space is populated by orthopedic specialists. The building is currently 98 percent leased.
“We like the building’s on-campus location, the hospital system as a long-term tenant, and the demographics of Ann Arbor,” says Jon Boley, vice president of acquisitions at HSA PrimeCare. “The combination of those factors made it a logical addition to our portfolio.”
Lee Asher, first vice president with CBRE, represented the seller.
About HSA PrimeCare
HSA PrimeCare partners with some of the best health care institutions in the nation to create development, project management, leasing, monetization, and property management real estate solutions that address the needs of today’s patients while satisfying the financial goals of the health system. A leading developer and manager of medical office buildings in the Midwest, HSA PrimeCare is responsible for a management portfolio of health care properties of more than 1,000,000 square feet.
About Saint Joseph Mercy Health System
Saint Joseph Mercy Health System (SJMHS) is a health care organization serving six counties in southeast Michigan including Livingston, Macomb, Oakland, St. Clair, Washtenaw and Wayne. It includes 537-bed St. Joseph Mercy Ann Arbor, 443-bed St. Joseph Mercy Oakland in Pontiac, 304-bed St. Mary Mercy Livonia, 136-bed St. Joseph Mercy Livingston in Howell, 119-bed St. Joseph Mercy Port Huron and 113-bed Chelsea Community Hospital. Combined, the six hospitals are licensed for 1,726 beds, have six outpatient health centers, four urgent care facilities, more than 25 specialty centers; employ more than 14,000 individuals and have a medical staff of nearly 2,700 physicians.