MOB Portfolio Trades for $45M in NY
- Feb 28, 2019
A national private health-care equity investor has acquired the New York State Medical Office Portfolio. The five institutional grade medical office assets situated in New York’s Capital Region and Hudson Valley changed hands for $45 million.
Jacobson Properties and Cushman & Wakefield/Pyramid Brokerage Co. of Binghamton facilitated the transaction on behalf of the seller. The portfolio totals almost 210,000 square feet.
“The appeal of the New York State Medical Office Portfolio is that it is composed of an excellent combination of leading health-care system tenants providing mission-critical services and specialty physician practices,” Lisa Menin, Jacobson Properties’ president, told Commercial Property Executive. “The buildings are situated in locations which are convenient for patients to access.”
The properties in the portfolio are:
- the 47,696-square-foot Slingerlands Crossing Phase One—located at 1220 New Scotland Road in Slingerlands
- the 47,697-square-foot Slingerlands Crossing Phase II—situated at 1240 New Scotland Road in Slingerlands
- the 25,000-square-foot Plant Road Medical Building—located at 648 Plank Road in Clifton Park
- the 45,300-square-foot Cushing Medical Center—situated at 624 McClellan St. in Schenectady
- the 45,447-square-foot Medical Center of New Windsor—located at 575 Hudson Valley Ave. in New Windsor
The portfolio’s tenant roster includes such notable health systems as St. Peter’s Hospital, Ellis Hospital, Seton Health System and Westchester Medical Center Health Network.
Joining Menin on the deal was Leo Jones, Cushman & Wakefield/Pyramid Brokerage Co. of Binghamton’s associate broker.
The medical office space market has been on the upswing. Earlier this month, Southwest Atlanta Nephrology P. C. sold a four-building medical office portfolio in metro Atlanta for a total of $18.9 million.
CBRE’s latest Medical Office Market report noted that while the direction of U.S. health-care policy and payment mechanisms are being argued politically, rapid growth in the older populations has led to strong interest for medical-office demand lately and should continue to be popular in the years ahead.
Image courtesy of Jacobson Properties