Azora Exan announced on January 30 that it acquired two medical office buildings (MOB) in Cincinnati for $78 million. 90 North Real Estate LLP, a real estate investment manager, was the seller. JLL represented both 90 North Real Estate and Azora Exan in the transaction. JLL also arranged the acquisition loan for Azora.
The Offices at Vernon Manor is a seven-story, 156,000-square-foot building that was built in 1924 and renovated in 2011. Offices @ Vernon Place consists of 147,130 square feet and is a four-story building. It was completed in 2017. Both buildings are fully leased by Cincinnati Children’s Hospital. The price is approximately $257 per square foot.
Founded in 2013, Azora Exan is an independent real estate fund manager with asset management services, mostly active in primary U.S. and European markets. It has $2.8 billion in acquired assets. It owns more than 4.2 million total square feet in property.
According to data captured in the LevinPro HC database, this acquisition marks the 20th MOB transaction in 2023. The 20 MOB acquisitions represent a 23% decline from January 2022 where 26 MOB transactions were announced.
