Inland Acquires 17,000 SF Medical Office Building on Long Island
Medical retail continues to trend as an increasingly desirable asset class.
NEW YORK CITY—Meridian Imaging Group has sold its 16,920-square-foot outpatient imagining facility to Inland Real Estate Acquisitions for $11.5 million. The property, located at 224 Seventh St. in Garden City, Long Island in New York, has a 14-year triple net lease with New York University School of Medicine.
HFF’s Jose Cruz, Kevin O’Hearn, Ben Appel, Michael Oliver, Steve Simonelli and Andrew Scandalios marketed the property, representing Meridian. Inland was represented in-house.
“The activity on this asset was driven by the Garden City location, the credit of the tenant and the length of the lease,” says Cruz. “There were a significant number of buyers for this property from across the country.”
Completed in 1969, the building was converted to a medical imaging facility in 2007 and received additional upgrades within the last year. The tenant, New York University School of Medicine, is part of the NYU Langone Medical Center. The six-hospital, 1,700-bed, university-affiliated, not-for-profit health system has a 64% market share in its patient service area and has received an A4 Moody’s rating.
In the downtown submarket of Garden City, the medical office building is close to Franklin Avenue, the neighborhood’s main street. It’s also approximately a mile from the 591-bed, NYU Winthrop Hospital campus. In addition, the location is close to the Garden City train station, and has nearby access to Route 24 and the Long Island Expressway.
Join the 17th Annual GlobeSt Net Lease Conference (formerly a RealShare event) on April 3 & 4 in New York City alongside the industry’s most influential and knowledgeable real estate executives from the net lease sector. Click here to register and view the agenda.