Belfair, Washington, urgent care building trades hands
By CoStar | Chuck Larocco, Research
May 27, 2025 | 11:55 AM
An 11,503-square-foot medical office building at 21 Romance Hill Road recently traded in a sale between private individuals.
Franciscan Medical Clinic sold in the upleg of a 1031 exchange for $5.5 million in Belfair, west of Seattle.
The property was fully leased at the time of sale, anchored by Virginia Mason Franciscan Health, which has been a tenant at this location since the building’s construction.
The property was built in 2008 specifically for primary and urgent care. The remainder of the property is occupied by Peninsula Physical Therapy and Belfair Dental. All of the tenants have been in the building since it was completed.
“Given the staying power of tenants and the commitment that build-out requirements create, investors see medical offices as one of the most stable commercial real estate investments. Low availability, smaller footprints, and a tendency toward owner-user occupants have helped to keep sales volume steadier in this subtype. Given the relative stability of the medical office market, it should continue to outperform compared to the non-medical office market,” said Elliott Krivenko, CoStar’s senior director of market analytics in Seattle.
For the Record
David Butler and Scott Clements of ORION Commercial Partners represented the seller. Raymond ‘RJ’ Vara and Michael Babicz of Marcus & Millichap represented the buyer.