Advanced Orthopedic Sports Medicine Institute is that buyer, paying just more than $5.3 million, or $213 per sf, for the entire first floor of the two-story, 50,000-sf building at 1011 W. Main St., Route 537. The campus' two other buildings are both also two stories, but are 25,000 sf each, and it all adds up to that 100,000-sf total.
Advanced Orthopedic is a new entity, combining two local orthopedic practices into one group. "Our patients are the center of our practice, and the new location reflects our desire to provide them with the most comfortable, state-of-the-art care available in the area," says Dr. Michael Greller, president of Advanced Orthopedics, in a statement. "This center will enhance relationships with the community, hospitals and patients.
Greller says that "with all doctors now under the same roof, we can take full advantage of our combined experience. The physical therapy center will allow us to closely monitor and direct the rehabilitation of patients."
Pond View is a development of Center State Properties, a joint venture of Pyramid Property Partners, Hampshire Real Estate Cos. and Triad Development. The office condo was also acquired with the help of a loan of just more than $4.8 million, provided by Wachovia Commercial Mortgage in a transaction that closed prior to the financial markets' current woes. The LTV for the funding is 91%.
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