- What Royal Court Medical Centre is on the block
- Why The portfolio of class-B buildings is 96.5% occupied
- What next Periscope Realty has the assignment
A medical office portfolio north of Toronto is on the market for $48m.
Royal Court Medical Centre, in Barrie, comprises three buildings at 1 and 5 Quarry Ridge Road and 15 Gallie Court, as well as a parking lot at 31 Quarry Ridge Road. Periscope Realty, a boutique brokerage specializing in healthcare properties, has the assignment.
The price is the sum of the properties, or a 6.10% capitalization rate, according to the listing. Tenants include LifeLabs, a fertility clinic, a dental office and an optometrist.
The class-B buildings span 114,000 sq ft and have a combined occupancy rate of 96.5%. There are approximately 400 parking stalls.
The campus is adjacent to Royal Victoria Regional Health Centre, the largest hospital in Simcoe County, and is 1 km from Highway 400.
Appelt Properties purchased the portfolio in 2020 alongside Centurion Asset Management Inc. for an undisclosed sum. Centurion held a 75% interest in the portfolio at time of purchase.
Greg Appelt is the founder and president of Appelt, while Greg Romundt is president and CEO of Centurion.
