August 7, 2014
Mike Hargrave

Recent Northeast Medical Office Transactions

The following are recent medical office buildings from Revista’s northeast region that traded hands:

110 Lockwood Ave, 140 Lockwood Ave, 140A Lockwood Ave150 Lockwood Ave

Centrock Corp purchased the Lockwood Medical Offices near Montefiore New Rochelle Hospital on 7/22 from Greenwood Management.  The total price was $22.5 million across 91,000 total square feet – that works out to $248 per square foot.

1728 Sunrise Highway, Merrick NY

The Sports Medicine & Joint Center Building was recently acquired by Capital Square Realty.   The building is almost 18,000 square feet.  The Price was not disclosed but the building was last sold in 2008 for $3.85 million

 The Earl S Tupper Research Institute and The Biewend Building

In June, Healthcare Trust of America (NYSE:  HTA) closed on two premier Boston medical buildings affiliated with Tufts Medical Center.  The buildings are attached via walkways to the medical center and traded for a combined $148 million.  The buildings were purchased from Gazit-Globe’s ProMed Properties subsidiary and we calculate the price per square foot at $587.  HTA published a presentation on the overall transaction, which also includes properties in Baltimore and South Florida.  HTA now says that the Boston market is their number one market in terms of investments.