Ownership of the new medical building on Owen Sound’s waterfront is shifting, as the building fills up with tenants.
Amico Properties Incorporated began the project, and was joined early in the development by Northwest Healthcare Properties in a 50-50 split.
The two companies have 50 percent ownership in “Owen Sound Medical Building Incorporated”.
Late last month, Northwest’s real estate investment trust provided eight million dollars at 7.5 percent interest for the project, and was granted a right of first offer to buy the building outright.
Vice President at Amico, Cindy Prince, tells Bayshore Broadcasting News her firm is the risk taker and Northwest Healthcare is an operating company.
Prince says the eight million dollars basically covers off some of the construction expenses which had been mortgaged at a much higher rate.
Currently about 12 thousand square feet in the 80 thousand square foot building remain vacant.
Prince says Northwest will likely wait until the building is fully leased, before exercising the option to buy out Amico.
She says people who use the facility, and those leasing space will likely notice no change when the ownership deal is finalized.
Many like the family health team, have long term leases of 12 years.
Amico bought the land from the city of Owen Sound for 50 thousand dollars.
It was valued at 410 thousand dollars but needed one million dollars in contaminated site clean-up work, and about one million in pile-driving along the shoreline.
