Banking & Finance

3 Medical Office Buildings Sold During August

By Mark Heschmeyer

YOUNGSTOWN, Ohio — Medical office buildings continue to be popular investment properties in the Mahoning Valley. Add three more to the 23 such properties sold since the beginning of 2015.

On Aug. 9, Doctors Ray and Thomas Boniface sold their clinic at 835 McKay Court in Boardman to Mercy Health Youngstown LLC for $661,000 or about $98 per square foot.

712 Warren OH LLC sold the clinic at 712 Tod Ave. SW in Warren to Ohio North East Health Systems Inc. for $624,000 or about $76 per square foot. The transaction closed Aug. 2.

And on Aug. 29, SCSW Realty Co. LLC sold the medical office building at 7250 West Blvd. in Boardman to David A. Kapp, who operates First Step Recovery centers in the Mahoning Valley, for $495,000 or about $54 per square foot.

In the last 18 months, medical office buildings have been selling for an average of $56 per square foot, ranging from a low of $9 per square foot to $136. Using a three-month trailing average, prices have risen from about $20 per square foot in the first quarter of 2015 to a little more than $60 per square foot in the third quarter.

Pictured: Medical office building at 835 McKay Court in Boardman.

Published by The Business Journal, Youngstown, Ohio.