Healthcare: Investor puts Medical Mutual buildings, including the insurer’s Cleveland headquarters, up for sale
By Michelle Jarboe McFee for The Plain Dealer
CLEVELAND, Ohio — BentleyForbes, a real estate investment firm based in California, is testing the market for single-tenant buildings by putting three Ohio properties up for sale.
The investor has listed the properties, all leased to Medical Mutual of Ohio, for a combined $98 million, according to Marcus & Millichap Real Estate Investment Services. The portfolio, which can be split up, includes Medical Mutual’s downtown Cleveland headquarters — a historic 10-story building on East Ninth Street.
The property, known as the Rose Building, includes 381,000 square feet of office space and has a six-story annex. Medical Mutual has occupied the building since 1947 and owned it until 2000, when the insurer sold its real estate to BentleyForbes in an effort to free up cash.
BentleyForbes also is trying to sell a Medical Mutual administration building in Toledo and a data center in Beachwood. The Toledo property comprises 160,000 square feet on roughly 12.4 acres in an office park. The data center is a two-story, 51,000-square-foot building on 4 acres, at 23700 Commerce Park Road.
Medical Mutual has approximately nine years remaining on 20-year leases at all three buildings, according to Marcus & Millichap, which is marketing the properties.