FOR IMMEDIATE RELEASE
Media Contact: Erin A. Molloy, Seavest Healthcare Properties, emolloy@seavestinc.com, (914) 683-8474
The real estate investment firm closed on the disposition of the 52,118 square foot on-campus Cullman Professional Office Building III
Cullman Professional Office Building III at 1912 Alabama Highway 157 Road in Cullman, Ala. (Photo courtesy of Seavest)
WHITE PLAINS, N.Y., and CULLMAN, Ala., Jan. 11, 2017 – Seavest Healthcare Properties recently closed on the sale of Cullman Professional Office Building III, a 52,128 square foot, on-campus medical office building (MOB) affiliated with Cullman Regional Medical Center. The city is about 50 miles north of Birmingham and 55 miles south of Huntsville.
White Plains-based Seavest acquired the Cullman property for $11.5 million shortly after it was built in 2010. The sale of the fully leased facility took place in the third quarter of 2016. The two tenants of the facility at the time of sale were Cullman Primary Care, a leading multispecialty group in Cullman County, and Cullman Regional Medical Center.
Cullman Regional Medical Center is a 145-bed medical center that is owned and operated by the Health Care Authority of Cullman County.
“We acquired Cullman Professional Office Building III in 2010 to take advantage of the market environment at that time,” Seavest Senior Managing Director Jonathan L. “John” Winer says. “It was Class A asset on the campus of a thriving medical center, physically connected to the only hospital in the vicinity and 100 percent leased by the area’s two foremost healthcare providers.”
About Seavest Healthcare Properties LLC
Seavest Healthcare Properties LLC is a sector-focused real estate investment management firm that forms joint ventures with established developers to build new properties and acquires existing medical office buildings, outpatient facilities and similar healthcare real estate assets. A pioneer in this sector, Seavest made its first healthcare real estate investment in the mid-1980s. Today, the firm has a significant portfolio of medical office and outpatient properties which are held in dedicated healthcare real estate investment funds. For more information, please visit www.SeavestHCP.com or call (914) 683-8474.
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Seavest Healthcare Properties LLC, 707 Westchester Ave., White Plains, N.Y. 10604
P: (914) 683-8474 ■ emolloy@seavesthcp.com ■ www.SeavestHCP.com
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