September 17th, 2019
Woodside Health is pleased to announce the sale of Metropolitan Medical Complex, which consists of three medical office buildings in Fort Myers, Florida. Woodside acquired the buildings in November 2013. Investors in the project will realize a 12% net IRR. For every dollar invested in 2013, investors received about $1.70 back.
Woodside Health bought this property in an off-market transaction from a local developer. Woodside added medical related tenants and improved the physical plant consistent with their investment strategy. "We've enjoyed working with our tenants at Metropolitan over the last six years," said Ted Barr, Woodside Health Principal. "We've grown our network of healthcare real estate professionals over the years and that's how we met the buyer, an investment firm focused on healthcare real estate in Florida. We respect their group and agreed to sell because we can give our investors a good return while feeling confident that the new landlord will also provide great service to the tenants," continued Barr.
This is the fifth sale for Woodside Health, the medical office building acquisition and management firm with properties in Arizona, Florida, Georgia, Michigan, Ohio, and Texas. The firm has acquired 29 medical office properties and has additional properties under contract.
About Woodside Health
Cleveland-based Woodside Health is a medical office building acquisition and management firm. Woodside Health treats their tenants like customers. They proactively enhance the exterior and interior spaces of their buildings and are devoted to establishing long-term relationships with their tenants. The firm's principals have decades of experience investing in and managing real estate. For more information, please visit www.WoodsideHealth.com.