UPDATE: BGL Real Estate Partners Announce the Sale of MCVI/Riverfront Medical Office Building

CHICAGO, March 6, 2018 /PRNewswire/ --

On February 7, 2018, BGL Real Estate Partners issued a press release announcing the sale of St. Mary's of Michigan Medical Office Building which incorrectly implied St. Mary's of Michigan as owner. The building was owned by Riverfront Medical Realty, LLC, since 2002 and listed it for sale. The property transaction was successfully completed at the end of 2017 by BGL Real Estate Partners. St. Mary's leases space in the building and is not involved in any way with the real estate transition. St. Mary's will remain tenants of the building and the services currently provided at the facility will continue.

BGL Real Estate Partners (BGLREP), a division of Brown Gibbons Lang & Company (BGL), is pleased to announce the real estate sale of MCVI/Riverfront Medical Office Building. BGLREP's National Healthcare Real Estate Group served as the exclusive advisor to the seller in the transaction. St. Mary's leases space in the building and will remain tenants of the building and the services currently provided at the facility will continue.

MCVI/Riverfront Medical Office Building ("the Property"), totaling approximately 87,843 rentable square feet, is located in Saginaw, MI, the largest city within the Michigan Tri-City area. The Property is highly visible and strategically located approximately one-quarter mile from affiliated St. Mary's of Michigan Medical Center ("St. Mary's"), providing patients with exceptional convenience and access. St. Mary's is a subsidiary of Ascension Health and is a teaching affiliate of the Michigan State University College of Human Medicine, as well as Central Michigan University. St. Mary's, in partnership with Michigan Cardiovascular Institute, occupies approximately 94% of the Property with a primary focus of providing cardiovascular care to Central Michigan. 

About BGL Real Estate Partners

BGL Real Estate Partners, a division of Brown Gibbons Lang & Company, is a leading national advisor in healthcare real estate, specializing in providing healthcare real estate owners with tailored transaction strategies, including debt and equity recapitalization, sale-leasebacks, partial sale-leasebacks, tax deferred transactions, such as an UPREIT or a §1031 like-kind exchange, as well as an outright sale or equity recapitalization that enables owners to capitalize on current investment demand and historically high valuations while retaining a reduced level of real estate ownership. BGLREP has completed 40 healthcare real estate sale transactions over the past 24 months for a total value of approximately $800 million.

About Brown Gibbons Lang & Company

Brown Gibbons Lang & Company is a leading independent investment bank serving the middle market. BGL specializes in mergers and acquisitions advisory services, debt and equity placements, financial restructuring advice, and valuations and fairness opinions, with global industry teams in Business Services, Consumer & Retail, Environmental & Industrial Services, Healthcare & Life Sciences, Industrials, and Real Estate. BGL has offices in Chicago, Cleveland, Philadelphia, San Antonio, and San Diego in addition to Global M&A partner offices in more than 50 countries across 5 continents. BGL is able to deliver to our clients unparalleled access to strategic relationships, investors, and opportunities globally. For more information, please visit www.bglco.com.

View original content with multimedia:http://www.prnewswire.com/news-releases/update-bgl-real-estate-partners-announce-the-sale-of-mcviriverfront-medical-office-building-300609469.html

SOURCE BGL Real Estate Partners