Cincinnati, OH – Three office buildings occupied by Mercy Health’s newly acquired Cincinnati SportsMedicine & Orthopaedic Center medical practice have been sold, but the health system plans to lease back the spaces from the buyer.
The buildings in Montgomery, Springdale and Crestview Hills were sold for more than $6.7 million to New York-based Mascia Development by Orthopaedic Investment Limited LLC.
Mercy Heath acquired Cincinnati SportsMedicine & Orthopaedic last year. The health system has leased the office space. All seven doctors at the practice – including Dr. Marc Galloway, head team doctor for the Bengals and a team doctor for several area high school – became employees of Mercy Health effective Dec. 1.
The Cincinnati SportsMedicine building at 10633 Montgomery Road in Montgomery encompasses 16,283 square feet. The one at 12115 Sheraton Lane in Springdale encompasses 7,793 square feet. And the one at 328 Thomas More Parkway in Crestview Hills encompasses 5,670 square feet.
“These latest acquisitions are part of our business strategy to extend our presence in the Buckeye State, and they are especially gratifying due to my special ties here and to my family’s dedication to patient care,” said Mark Mascia, CEO of Mascia Development, a Dayton native whose father and wife are doctors.
In 2012, Mascia Development bought the retail space that houses the yoga and fitness apparel store Lululemon Athletica in the Michigan Terrace condo building at 3500 Michigan Ave. in Hyde Park Square. Mascia Development paid $1.05 million for the 3,651-square-foot space.
The company is working on more real estate deals in Ohio, which it views as a key market. “Ohio has been overlooked by most investors for coastal U.S. markets, but we see the state as a great value market that will outperform coastal markets over the next decade,” Mascia said.