Part of Dignity Carmichael campus sold with $40 million mortgage

COURTESY COLLIERS INTERNATIONAL SACRAMENTO

A 99,000-square-foot medical office building on Dignity Health's MercySan Juan Medical Center campus has sold, partly to facilitate the restructuring of Dignity's lease there.

According to Colliers InternationalSacramento 6555 Coyle Ave. in Carmichael sold Oct. 30 to New York City-based Blue Sky Real Estate Services and Development. The purchase price was not available, but sales documents indicate Blue Sky received a $40 million mortgage in connection with the sale.

Blue Sky did not respond to an inquiry for further comment Wednesday. Dignity Health referred inquiries to a news release earlier this month that described the deal as a collaboration with Blue Sky.

"We are really excited about partnering with Blue Sky, a truly unique company focused on providing benefits to not-for-profits, to improve both the building and, more importantly, our patients' experience — especially in today's challenging environment," said Jennifer Tanner, division manager for real estate transactions and portfolio strategy with CommonSpirit Health, the parent company of Dignity. Tanner's comments were in the news release announcing the deal.

As a result of the purchase, Dignity's lease will be restructured to benefit the not-for-profit health care provider. The release also makes reference to unspecified building improvements stemming from the sale. According to Colliers, Blue Sky acquires, builds, finances and operates buildings on behalf of "mission-based" organizations. Colliers referred to the seller as a private investment group. Dignity Health is the primary tenant of the building, a three-story structure built in the mid-1990s. Specialties such as pediatrics as well as radiation imaging appear to be housed in the building, along with a small cafe. Bill Swettenham and Eric Ortiz of Colliers International Sacramento worked on the deal on behalf of Blue Sky.

By: BEN VAN DER MEER