Peter Westmeyer Of Remedy Medical Properties Acquires Medical Office From Shankh Mitra For $50.05M

The medical office asset located at 28078 Baxter Road in Murrieta, California was sold for $50,050,000. The property spans 152,797 square feet, translating to a price per square foot of approximately $328. The sale includes the leasehold interest of the medical office building, alongside ground-lease rights, but does not encompass the underlying land. It represents a strategic step by Welltower in its divestiture from outpatient medical real estate.

Summary of transaction details:

• Property Type: Medical Office
• Transaction Amount: $50,050,000
• Buyer: Peter Westmeyer - Remedy Medical Properties
• Seller: Shankh Mitra - Welltower
• Square Footage: 152,797
• Price per Square Foot: $328

Peter Westmeyer represented Remedy Medical Properties in the acquisition from Shankh Mitra, who represented Welltower. This transaction marks a notable continuation of Welltower’s strategy to exit the outpatient medical real estate sector.