HFF announces sale of suburban New York and Philadelphia medical office buildings totaling $34.4M on behalf of a global investment advisor
Sept. 26, 2018 – Holliday Fenoglio Fowler, L.P. (HFF) announces the $34.4 million sale of two hospital and surgery center-anchored medical office buildings (MOBs) in New York and Philadelphia totaling 107,536 square feet on behalf of a global investment advisor. The properties are: Crozer-Keystone Medical Office and Surgery Center in Havertown, Pennsylvania; and Caremount Medical Imaging and Surgery Center in Mount Kisco, Westchester County, New York.
The HFF team marketed the property on behalf of the seller in a process that yielded nine offers, and sold the assets to two separate buyers, Anchor Health Properties and Hammes Partners.
The Crozer-Keystone Medical Office and Surgery Center comprises two buildings totaling 68,737 square feet located on a larger healthcare campus. The 92.5-percent-leased facility is anchored by Crozer-Keystone Health System. The 2.28-acre site is situated at 2010 and 2050 West Chester Pike in the suburban Philadelphia community of Havertown. This campus has excellent visibility on Route 3, immediate access to 476, and is proximate to Interstates 76 and 95, the Pennsylvania Turnpike and U.S. Route 1, making the property highly accessible by patients throughout the region.
The CareMount MOB is located at 34 South Bedford Road in Westchester County, New York. The property is adjacent to and has affiliations with Northwell Health’s 174-bed Northern Westchester Hospital. CareMount Medical occupies the entire 38,799-square-foot facility under a recently extended long-term lease.
The HFF investment advisory team representing the seller consisted of senior director Ben Appel, senior managing director Jose Cruz, managing director Evan Kovac and associate Matt DiCesare along with senior managing director Andrew Scandalios.
“CareMount is the largest private multi-specialty physician group in the state of New York,” Appel states.
“Extremely well capitalized and highly profitable, CareMount is a stable anchor tenant,” Cruz added. “The property sits within CareMount’s largest geographic concentration of outpatient facilities, which help to drive high patient volumes at the MOB.”
“The wide array of medical services offered at the Crozer-Keystone Medical Office and Surgery Center provide a strong and consistent back and forth referral pattern leading to high patient volume,” Appel said. “Services include general surgery, radiation oncology, anesthesiology, ENT, gynecology, pain management, orthodontics, orthopedics, plastic surgery, podiatry, urology, ophthalmology, lab and gastroenterology.”
About Anchor Health Properties
Anchor Health Properties (“Anchor”) is a national, full-service healthcare real estate development, management and acquisitions company focused exclusively on medical facilities. Anchor takes a strategic approach to navigating the extremely competitive healthcare marketplace, considering multiple angles, such as retail drivers, customer experience, branding and efficiency of the project. The company develops and manages projects across the United States that respond to the new landscape of employed physicians, team-based care, the need to optimize assets and reduce duplication, and the integration of care and technology. Healthcare today calls not only for new and more efficient ways of delivering outpatient services, but also a different kind of healthcare development and management company. For more information, please visit: anchorhealthproperties.com.
About Hammes Partners
Hammes Partners is a private equity platform that invests on behalf of institutional investors, with an exclusive focus on the U.S. healthcare real estate market. Hammes Partners leverages deep industry experience and relationships built over 20 years advising healthcare provider clients as well as developing and managing healthcare facilities. Since 2001, Hammes Partners and affiliates have utilized their position in the healthcare industry to source and deliver attractive investment opportunities throughout economic cycles.
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.
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