The Largest Medical Office Sale of 2017
Cushman & Wakefield-NJ
150 Park Avenue Florham Park, NJ
Size: 130,000 SF Broker: Andrew Merin, David Bernhaut, Gary Gabriel, Brian Whitmer Cushman & Wakefield brokered the sale of 150 Park Avenue from The Rockefeller Group Development Corporation to Welltower, Inc. This built-to-suit, state-of-the-art medical office property is long-term leased to Summit Medical Group, P.A. It features three linear accelerators, PET-CT simulation and brachytherapy suite, chemotherapy infusion room, radiological imaging suite and a parking ratio of 5.1 per 1,000 SF.
HFF 8001 & 8040 Roosevelt Blvd. Philadelphia, PA
Size: 86,000 SF Broker: Ben Appel and Evan Kovac HFF represented the seller, an affiliate of George Comfort & Sons, Inc. in the sale of 8001 and 8040 Roosevelt Boulevard, two medical office buildings totaling 86,000 SF in Philadelphia. Harrison Street Real Estate Capital, LLC purchased the properties, which have undergone near complete renovations in the last 24 months and are 94.7 percent leased and anchored by Thomas Jefferson University Hospital. Services offered at the facilities include urgent care, the heart institute (and recent additional expansion space), vascular surgery, oral surgery, family practice, imaging, podiatry, dental, hematology oncology, periodontics and prosthetics and dermatology. The properties are located in the far northeast submarket of Philadelphia, along U.S. Route 1 just off of Trinity Health’s 231-bed Nazareth Hospital campus. This location is within one mile of nearly 1,500 senior housing and age-restricted units.
Luther Crest Allentown, PA
798 Hausman Road, Allentown, PA Size: 63,459 SF Broker: Sarah Finney Miller Sarah Finney-Miller of NAI Summit recently represented Diakon Lutheran Social Ministries in the sale of their 63,459 SF Class A, Medical Arts Building located at 798 Hausman Road, Allentown. The facility was developed in 2000 by Diakon who is widely known as the most reputable retirement community in the region. The impetus for the Medical Arts Building was the Luther Crest Retirement Community that was developed at the same time on the general site of the medical office building to provide a convenient avenue for residents to address their medical needs. Currently the Luther Crest community offers over 200 residences which include housekeeping services, maintenance personnel, ample area amenities, transportation and more. This is one of nine total Diakon communities throughout the northeast.