Marcus & Millichap Brokers $8.1M Sale of Ohio Medical Office Portfolio in Findlay and Lima
Marcus & Millichap has brokered the $8.1 million sale of the Spectrum Eye Care Portfolio, a two-property medical office portfolio located in Findlay and Lima, Ohio. The transaction, announced Sept. 1, 2026, transferred ownership from a physician owner to an Ohio-based family office, with both sides represented by Marcus & Millichap professionals.
Portfolio Overview and Property Details
The Spectrum Eye Care Portfolio comprises two outpatient medical office assets totaling more than 32,000 square feet, both developed in 2006. The first property, a four-tenant medical office building at 15840 Medical Drive South in Findlay, houses Spectrum Eye Care, Blanchard Valley Health System, DeClerck Family Dental, and Retina Vitreous Associates, which is owned by CEI Vision Partners. The second property, a single-tenant facility at 2300 Baton Rouge Ave. in Lima, was renovated in 2017 and is occupied by Spectrum Eye Care.
Both properties operate under triple-net lease structures, which shift taxes, insurance, and most operating expenses to the tenants. The tenant mix includes a regional hospital system, a private-equity-backed vision group, and established local healthcare practices, lending the portfolio a diversified credit profile across its two locations.
Transaction Details and Brokerage Team
Christopher Mitchel, senior director investments, along with Billy Skoch, Kobe Gaskin, and Abby Kalniz — investment specialists in Marcus & Millichap's Cleveland and Columbus offices — held the exclusive listing on behalf of the seller. Ryan E. Moore, senior director in the firm's Cleveland office, represented the buyer.
"The portfolio's combination of modern medical office assets, diversified healthcare tenancy and long-term occupancy generated strong investor interest," Mitchel said. "The presence of established healthcare providers and triple-net lease structures made this a compelling investment opportunity."
Pricing and Market Context
At $8.1 million for a portfolio of just over 32,000 square feet, the transaction implies pricing in the range of approximately $250 per square foot. National medical office building cap rates have been reported in the 5.5% to 8.5% range in early 2026, with institutional-quality assets averaging around 6.3% as investor demand for outpatient healthcare real estate has strengthened amid stabilizing interest rates. Average medical office cap rates were noted near 6.9% in early 2025, with subsequent signs of modest compression.
The triple-net lease structure and healthcare-focused tenancy — including a system-affiliated provider and a private-equity-backed operator — align with characteristics that have drawn investor interest to medical office assets in secondary Ohio markets. The Findlay building's multi-tenant configuration offers income diversification, while the Lima single-tenant property provides a straightforward NNN cash-flow profile backed by an established regional practice.
About Marcus & Millichap
Marcus & Millichap (NYSE: MMI) is a commercial real estate brokerage firm specializing in investment sales, financing, research, and advisory services, with offices throughout the United States and Canada. As of Dec. 31, 2025, the company had 1,808 investment sales and financing professionals in more than 80 offices. The firm closed 8,818 transactions in 2025, with a total sales volume of approximately $50.9 billion.
Sources
Marcus & Millichap Press Release – Spectrum Eye Care Portfolio Sale