ALLENTOWN, PA — Patterson-Woods Commercial Properties/CORFAC International, a full-service commercial real estate provider serving the Mid-Atlantic market, announced the sale of a nursing home facility, Liberty Nursing & Rehabilitation Center, located in Allentown, PA. The four-story property measures 43,420 s/f.
The property was sold by Liberty Allen Square, LLC to Owl’s Next Properties, LLC, a 1031 exchange-triple net investor with investments in the greater Wilmington, DE area, for $4.65 million.
Chris Moore, a sales and leasing agent with Patterson-Woods, represented the buyer in this transaction. The buyer was referred to Moore by John Osborn of Patterson-Osborn Exchange Services. Feinberg Real Estate Advisors, LLC represented the seller.
The facility, built in 1969, will continue to be leased by Health Care and Retirement Corp. of America, a division of Manor Care. This purpose-built facility has gone through several rounds of upgrades, including interior remodeling, HVAC replacement, and conversion of one floor into a specialized care unit.
“This Allentown, PA investment fit nicely with the desire of our client to move his investment dollars from his intensive, self-managed properties, to a lower impact real estate investment, backed by a well executed 20+ year lease with a high quality tenant,” said Moore. n