Lehigh Valley Health Network MOB, 708 Main St., Hellertown, PA
HELLERTOWN, PA—Bear Real Estate Advisors represented Columbia Property Investors in its acquisition of a nearly 12,000-square-foot medical office building in the Philadelphia suburb of Hellertown, PA.
Located at 708 Main St., the medical office building was completed as a build-to-suit for Lehigh Valley Health Network, a regional healthcare provider. Lehigh Valley Health Network has leased the entire property for 15 years on a net lease basis.
“This transaction serves as a premier example of Bear Real Estate Advisor's creative system of sourcing off-market properties for our investor clients,” says Matt Bear, founder and chief executive officer of Bear Real Estate Advisors.
Lehigh Valley Health Network is a regional healthcare provider that has a network of more than 1,340 primary care and specialty physicians, with hospitals on eight campuses throughout the Lehigh Valley of Philadelphia and New Jersey. The network features the LVHN Cancer Institute, the LVHN Heart Institute and the LVHN Institute for Special Surgery.
“We are pleased to have completed this accretive acquisition and appreciate Bear's relentless effort to keep the deal on track throughout the entire process,” says Michael Hanson, manager of Columbia Property Investors. “This medical office building is an excellent addition to our investment portfolio, as it features a long-term net lease with a quality tenant in an excellent location.”
The seller, Ashley Development Corporation, was represented by Andrew Randolph with ALT Realty.
Ashley Development Corporation is a real estate development firm specializing in mixed-use projects in urban areas and the adaptive re-use of existing structures. Founded in 1989, the firm focuses on both residential and commercial projects.
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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].
