CURRENT NEWS
Mar 06 2009
Clarkston MOB Position Sold
Innovest Capital announces the conclusion of the sale of their joint venture equity position in the Beaumont (Clarkston) Medical office building. The $20 million MOB project consists of 88,000 square feet and is to be located on the Beaumont Hospital, Clarkston, Michigan medical campus. The Clarkston medical office building investment was designed as the catalyst for large scale satellite campus development by Beaumont. Innovest agreed to sell the investment prior to construction after a successful predevelopment and entitlement initiative with their developer partner. “The prospect of capitalizing on a successful development initiative in the current market environment was the driver for our decision to monetize this investment” says Innovest Managing Director, Paul Horning. “Our core objective in the MOB Fund Strategy to build, stabilize and hold remains intact, however we were motivated by the ability to capitalize on the value creation associated with the entitlement and predevelopment in this sale.”