PHILADELPHIA – (Aug. 2, 2018) – Bear Real Estate Advisors announced today that the real estate investment services firm represented Columbia Property Investors in its acquisition of a 15,000-square-foot medical office building 100 percent leased to St. Luke’s University Health Network in Brodheadsville, Pennsylvania. Columbia Property Investors acquired the property for in excess of $6 million.
Located at the intersection of Pennsylvania Route 715 and U.S. Route 209, the building was completed in 2017 as a build-to-suit for St. Luke’s University Health Network’s Monroe Campus.
“This medical office building’s long-term lease and special construction for a major Pennsylvania hospital system makes it an attractive investment property,” said Matt Bear, founder and chief executive officer of Bear Real Estate Advisors. “This successful closing demonstrates the soundness of the Bear Real Estate Advisors system of locating the right property and matching it to the right investor. St. Luke’s University Health Network is a fully integrated, regional non-profit network that is widely recognized in multiple counties in Pennsylvania and New Jersey, ultimately adding to the property’s inherent value.”
The regional healthcare provider hosts physical therapy, primary care, Care Now and lab blood draw services at the single-story facility.
“We are pleased to have closed on this acquisition of an attractive medical office building with a strong, long-term tenant, and to have Bear Real Estate Advisors help us out in every step of the way,” said Donald L. Hanson of Columbia Property Investors.
Founded in 1872, St. Luke’s University Health Network is a fully integrated, regional, non-profit network providing services at seven hospitals and more than 270 outpatient sites in the greater Lehigh Valley. The network’s service area includes 10 counties: Lehigh, Northampton, Carbon, Schuylkill, Bucks, Montgomery, Berks and Monroe counties in Pennsylvania and Warren and Hunterdon counties in New Jersey. St. Luke’s also operates the nation’s oldest School of Nursing and 23 graduate medical educational programs.
The seller, Ashley Development Corporation, was represented by Andrew Randolph of ALT Realty. Ashley Development constructed the property for St. Luke’s University Health Network’s Monroe campus beginning in May 2017.
“It was a pleasure to work with Matt Bear throughout the sale process of the St. Luke’s – Brodheadsville medical office building in such a seamless fashion,” said Lou Pektor, CEO of Ashley Development.
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.
About Bear Real Estate Advisors
Bear Real Estate Advisors, founded in 2018 and headquartered in Las Vegas, is a boutique real estate investment services firm that caters to investors looking for personalized service and real world, battle-tested acquisition and disposition advice. The firm focuses on Section 1031 exchange buyer representation, national single-tenant investment sales and acquisitions, net lease investments, joint venture advisory, capital structure advisory, build-to-suit developments, debt/equity, specialized search and family office/professional investor buyside representation. For more information, go to www.bear-advisors.com.
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