EAST ORANGE, NJ — Lee & Associates of New Jersey recently announced the sale and leaseback of 310 Central Ave. in East Orange. Peter Rasmusson, CCIM of the firm’s Elmwood Park office represented the buyer, Global Medical REIT.
The seller of the property, Prospect Medical Holdings, master leased the 68,000 s/f building for an undisclosed term. The sale price was approximately $12 million.
“There was a great deal of interest by our investors in this asset,” said Rasmusson. “The sale underscores the robustness of the sale and leaseback market, especially in the medical sector.”
The purchase is part of a string of acquisitions for Global Medical REIT totaling nearly $31 million —including medical buildings in South Dakota, Ohio and New Jersey— its largest spending spree since going public in July, when it raised a total of $150 million in its IPO.
The modern three-story adjoins the main campus of East Orange General Hospital. The building houses more than a dozen different medical practices, and the hospital also utilizes portions of the building for its lab, wound center and dialysis center.