EAST ORANGE, NJ—Global Medical Real Estate, a Bethesda-based health care facilities real estate investment trust, acquired 310 Central Avenue in East Orange, NJ in a $12-million sale-leaseback with its owner, Prospect Medical Holdings.
Peter Rasmusson CCIM, of Lee & Associates' Elmwood Park office, represented Global Medical Real Estate. The seller of the property, Prospect Medical Holdings, master-leased the 68,000-square-foot building for an undisclosed term.
The purchase is part of a string of acquisitions for Global Medical Real Estate 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.
“There was a great deal of interest by our investors in this asset,” says Rasmusson. “The sale underscores the robustness of the sale and leaseback market, especially in the medical sector.”
Constructed in 1988, 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 significant portions of the building for its lab, wound center and dialysis center.
EAST ORANGE, NJ—Global Medical Real Estate, a Bethesda-based health care facilities real estate investment trust, acquired 310 Central Avenue in East Orange, NJ in a $12-million sale-leaseback with its owner, Prospect Medical Holdings.
Peter Rasmusson CCIM, of Lee & Associates' Elmwood Park office, represented Global Medical Real Estate. The seller of the property, Prospect Medical Holdings, master-leased the 68,000-square-foot building for an undisclosed term.
The purchase is part of a string of acquisitions for Global Medical Real Estate 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.
“There was a great deal of interest by our investors in this asset,” says Rasmusson. “The sale underscores the robustness of the sale and leaseback market, especially in the medical sector.”
Constructed in 1988, 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 significant portions of the building for its lab, wound center and dialysis center.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
