- 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.
Don’t miss out on the biggest stories from Canada – act now
During this launch period, Green Street News Canada is free to view. To continue reading articles after this period ends on July 8, click the button to inquire about a subscription, or adding Canada to your existing Green Street News subscription.