HILO, HAWAII - Officials with PM Realty Group (PMRG), a nationwide, full-service commercial real estate firm, announced today the ,700,000 sale of the two-story, 22,751-square-foot Hilo Medical Building located at 45 Mohouli St. in Hilo, Hawaii. Matthew G. Bittick, senior vice president-investment sales and leasing for PMRG's Pacific Region, represented the landlord, GLACS, LLC, and the buyer, Montecito Medical Investment Group.
The sale follows PMRG's successful 10-year lease agreement for the medical building with Hawaii Health Systems Corporation (HHSC). The nation's fourth-largest public hospital system, HHSC announced plans to expand its outpatient services from Hilo Hospital to the new freestanding facility. HHSC is the sole tenant of the Hilo Medical Building, which was built specifically to accommodate a medical services provider.
"Our expertise in investment sales, and more specifically with medical office properties, was key to developing a sales strategy for the property owner," said Bittick. "Medical office buildings are in short supply and, therefore, in high demand. This was truly a win-win for all parties, creating a solution that worked for the buyer, seller and tenant."
About PM Realty Group
Headquartered in Houston, Texas, PM Realty Group (PMRG) is one of the nation’s leading real estate companies focusing on comprehensive property services, development and acquisitions. With a strategic presence in 30 markets, PMRG provides the highest quality services to its clients and investors. PMRG’s clients and investors include large financial institutions, advisors and high net worth individuals. By capitalizing on the team’s experience and expertise, PMRG has the ability to undertake large and challenging management, leasing, development and acquisition projects.
PMRG’s portfolio, including projects managed for third parties, includes commercial office buildings, mixed-use centers, corporate headquarters, industrial buildings, medical facilities, high-rise multifamily buildings and re-appropriated military facilities.
Our goal is to generate exceptional returns for our clients and investors by focusing on real estate fundamentals. For additional information, visit www.pmrg.com