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January 24, 2021
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Washington Medical Campus Complex Sells for $20 Mil

12/17/20

A local investment group acquired the two-property medical campus formerly known as Astria Regional Medical Center located in Yakima, WA through bankruptcy court for approximately $20 mil. The seller was Astria Health, which filed for Chapter 11 bankruptcy in 2019. Both properties were mostly vacant at the time of sale aside from an ambulatory surgical center in the medical office building that Astria Health will continue to operate under a leaseback agreement with the buyer.

“Healthcare real estate remains in very high demand from investors across the country, but most of that demand is for stabilized medical office buildings in a top 100 MSA. This particular assignment presented a unique challenge in marketing a mostly vacant medical office building along with a large, recently vacated general acute care hospital located in a rural Central Washington community,” said Travis Ives, Managing Director and co-leader of Cushman & Wakefield’s national Healthcare Capital Markets Team.

The hospital formerly known as Astria Regional Medical Center is located at 110 S 9th Ave. Totaling nearly 290k sf, the property consists of six floors, plus basement, of built-out inpatient hospital space. The former license provided for up to 214 beds, however, alternative uses or configurations of the building may allow for a larger bed capacity. The hospital was originally constructed in the early 1960s but underwent a significant renovation in 2010.

Ives noted, “The hospital closed in 2019 and the license has since been terminated, however the existing improvements and underlying entitlements provide an attractive opportunity for a variety of alternative healthcare uses.”

The neighboring medical office building known as Astria Regional Medical Plaza is located at 1005 Walnut St and features 80k sf of built-out medical office space including the ambulatory surgery center on the 2nd floor that Astria Health will continue to operate. The buyer intends to backfill the remainder of the building with various medical practices from the area. In addition to grade level parking, the building also features secured, subterranean parking as well as a roof-mounted helipad. The building was originally developed in the mid 1990s and has undergone various renovations since that time.

Situated southeast of Mt Rainier National Park, Yakima is the largest city in Yakima County with a population of about 94,000. The city is located along Interstate 82, approximately 140 miles southeast of Seattle, 200 miles southwest of Spokane, and 185 miles northeast of Portland.

Cushman & Wakefield’s Healthcare Capital Markets Team also includes Gino Lollio and Scott Neidergang.The team collaborated on this assignment with Mark Carnese and Matt Johnson of Cushman & Wakefield’s Portland office, as well as Bill Almon, Jr. of Almon Commercial Real Estate in Yakima.






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