EXCLUSIVE: $88M Takes 252,000-SF Medical Office Building

HACKENSACK, NJ-ProMed Properties, a newly formed company targeting medical office buildings, has acquired the leasehold interest in Hackensack University Medical Plaza, a 252,000-sf class A building with a seven-level, attached 1,700-car parking garage, for $87.5 million, GlobeSt.com has learned. ProMed is a Miami-based subsidiary of Gazit-Globe, an Israeli real estate investment company listed on the Tel Aviv stock exchange.

The seller was Seavest Inc., a privately held investment and wealth management group based in White Plains. The deal was arranged for Seavest by the New York City-based Granite Partners LLC.

“This transaction is indicative of the strength of the class A segment of the medical office market as the going-in yield was aggressive for the first two years of the hold,” John D. Lyons, president of Granite Partners, tells GlobeSt.com. “That was a reflection of the credit quality of the hospital and the uniqueness of the office building/parking garage property.