PM Realty Group
1000 Main St, Suite 2400
Houston, Texas 77002
MEDIA CONTACT:
Whitney Williams
Marketing & Communications Manager
PMRG
(713) 209-5935

Dec 18, 2007

PM REALTY GROUP COMPLETES $10,700,000 SALE OF HILO MEDICAL BUILDING IN HILO, HAWAII

HILO, HAWAII - Officials with PM Realty Group (PMRG), a nationwide, full-service commercial real estate firm, announced today the ,700,000 sale of the two-story, 22,751-square-foot Hilo Medical Building located at 45 Mohouli St. in Hilo, Hawaii. Matthew G. Bittick, senior vice president-investment sales and leasing for PMRG's Pacific Region, represented the landlord, GLACS, LLC, and the buyer, Montecito Medical Investment Group. 

The sale follows PMRG's successful 10-year lease agreement for the medical building with Hawaii Health Systems Corporation (HHSC). The nation's fourth-largest public hospital system, HHSC announced plans to expand its outpatient services from Hilo Hospital to the new freestanding facility. HHSC is the sole tenant of the Hilo Medical Building, which was built specifically to accommodate a medical services provider. 

"Our expertise in investment sales, and more specifically with medical office properties, was key to developing a sales strategy for the property owner," said Bittick. "Medical office buildings are in short supply and, therefore, in high demand. This was truly a win-win for all parties, creating a solution that worked for the buyer, seller and tenant." 

About PMRG

PMRG merged operations with Madison Marquette in June 2018 to create a new leader in commercial real estate. The firm offers PMRG’s leasing, property management, investment management and development services, combined with Madison Marquette’s specialized development, investment and marketing expertise. Madison Marquette’s strength in retail and mixed-use assets joins PMRG’s office, medical, industrial and multi-family capabilities to provide national leadership across asset classes. PMRG’s dominance in the southern US combines with Madison Marquette’s presence in primary gateway markets on both coasts to serve the top institutional owners and investors in the industry. The company provides leasing and management services to a diverse portfolio of 330 assets in 24 states and manages an investment portfolio valued at over $6 billion. The combined company is headquartered in Washington, DC with a major presence in Houston, TX. With 600 professionals in 12 regional markets, the merged firm is a member of the Capital Guidance group of companies.