Share: Share on Facebook Share on Twitter Share on LinkedIn I recommend visiting to read:%0A%0A {0} %0A%0A {1}

Cushman & Wakefield's Healthcare Capital Markets Team Advises $20 Million Sale of Medical Portfolio in Yakima, WA

YAKIMA, Wash., December 16, 2020 – Cushman & Wakefield today announced the firm has advised the sale of the medical campus formerly known as Astria Regional Medical Center located in Yakima, Washington.

Yakima Medical

The property, which sold through bankruptcy court, was acquired by a local investment group for approximately $20 million. The seller was Astria Health, which filed for Chapter 11 bankruptcy in 2019. Both properties were mostly vacant at the time of sale aside from an ambulatory surgical center in the medical office building that Astria Health will continue to operate under a leaseback agreement with the buyer.

“Healthcare real estate remains in very high demand from investors across the country, but most of that demand is for stabilized medical office buildings in a top 100 MSA. This particular assignment presented a unique challenge in marketing a mostly vacant medical office building along with a large, recently vacated general acute care hospital located in a rural Central Washington community,” said Travis Ives, Managing Director and co-leader of the firm’s national Healthcare Capital Markets Team.

Ives continued, “Oftentimes vacant hospitals in rural locations fail to attract capital with the vision to repurpose them and the intent to maintain some element of healthcare services for the local community. We were pleased with the outcome on this assignment because it resulted in a win-win-win scenario. Astria Health achieved a very competitive price for the property, the buyer acquired a unique asset that met their needs perfectly and the local community will benefit from a revamped medical campus that will continue to provide much needed healthcare services to area residents.”

The hospital formerly known as Astria Regional Medical Center is located at 110 S 9th Ave. Totaling nearly 290,000 square feet, the property consists of six floors, plus basement, of built-out inpatient hospital space. The former license provided for up to 214 beds, however alternative uses or configurations of the building may allow for a larger bed capacity. The hospital was originally constructed in the early 1960s but underwent a significant renovation in 2010.

Ives noted, “The hospital closed in 2019 and the license has since been terminated, however the existing improvements and underlying entitlements provide an attractive opportunity for a variety of alternative healthcare uses.”

The neighboring medical office building known as Astria Regional Medical Plaza is located at 1005 Walnut St and features 80,042 square feet of built-out medical office space including the ambulatory surgery center on the 2nd floor that Astria Health will continue to operate. The buyer intends to backfill the remainder of the building with various medical practices from the area. In addition to grade level parking, the building also features secured, subterranean parking as well as a roof-mounted helipad. The building was originally developed in the mid 1990s and has undergone various renovations since that time.

Situated southeast of Mt Rainier National Park, Yakima is the largest city in Yakima County with a population of about 94,000. The city is located along Interstate 82, approximately 140 miles southeast of Seattle, 200 miles southwest of Spokane, and 185 miles northeast of Portland.

Cushman & Wakefield’s Healthcare Capital Markets Team is comprised of Travis Ives, Gino Lollio and Scott Neidergang. With this transaction, the team has collectively closed 5.7 milion square feet of healthcare real estate valued at over $1.5 billion. The team collaborated on this assignment with Mark Carnese and Matt Johnson of Cushman & Wakefield’s Portland office as well as Bill Almon, Jr. of Almon Commercial Real Estate in Yakima.

About Cushman & Wakefield 

Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 50,000 employees in over 400 offices and approximately 60 countries. In 2021, the firm had revenue of $9.4 billion across core services of property, facilities and project management, leasing, capital markets, and valuation and other services. To learn more, visit or follow @CushWake External Link on Twitter.

Media Contact

Joshua Deale San Diego Communications Manager
Joshua Deale

Communications Manager • Costa Mesa

Mr. Deale leads strategic media relations and thought leadership efforts for the West Region markets, and oversees their online presence including managing article and social media efforts.

With your permission we and our partners would like to use cookies in order to access and record information and process personal data, such as unique identifiers and standard information sent by a device to ensure our website performs as expected, to develop and improve our products, and for advertising and insight purposes.

Alternatively click on More Options and select your preferences before providing or refusing consent. Some processing of your personal data may not require your consent, but you have a right to object to such processing.

You can change your preferences at any time by returning to this site or clicking on  Cookies

More Options
Agree and Close
These cookies ensure that our website performs as expected,for example website traffic load is balanced across our servers to prevent our website from crashing during particularly high usage.
These cookies allow our website to remember choices you make (such as your user name, language or the region you are in) and provide enhanced features. These cookies do not gather any information about you that could be used for advertising or remember where you have been on the internet.
These cookies allow us to work with our marketing partners to understand which ads or links you have clicked on before arriving on our website or to help us make our advertising more relevant to you.
Agree All
Reject All