Lake Health’s Beachwood Medical Center at 25501 Chagrin Blvd. in Beachwood was sold for $58,250,000 to Montecito Medical, a Nashville-based specialist in medical properties, according to Cuyahoga County land records.
The building was originally held by Manna Isle Ohio LLC, a physician-led partnership. The sale was represented by Newmark Global Healthcare Services and was finalized April 26. According to public records, Newmark Global Healthcare acquired the 4.9-acre site in August 2017 for $3.2 million.
The 69,800-square-foot hospital broke ground in 2018, in a partnership with Lake Health and University hospitals. It opened in April 2019 and features 25 beds, a 24-hour emergency room, and specializes in pain management, urology, spine and orthopedics. The hospital also features a Bikur Cholim room for patients and their families.
Beachwood Medical Center was Lake Health’s first hospital outside of Lake County, and in 2019, University Hospitals became a minority partner. By April 2021, Lake Health became a member of the University Hospitals health system. University Hospitals also owns Ahuja Medical Center, a 144-bed hospital at 3999 Richmond Road in Beachwood.
The Newmark brokerage team facilitating the transaction included vice chairmen Todd Perman and Terry Coyne, together with senior managing director Jay Miele and associate director Richard Gerakitis.