For Immediate Release
Cushman & Wakefield Facilitates $15.2M Sale of Pocono Ambulatory Surgery Center and Medical Office Building
Fully Leased MOB in the Heart of the Poconos Attracts 1031 Investor
Stroudsburg, Pennsylvania, July 7, 2020 – Cushman & Wakefield announced today that a multi-market healthcare investment sales team has closed the $15.2 million sale of Pocono Ambulatory Surgical Center and Medical Building, a 37,976-square-foot medical office building at 1 Storm Street in Stroudsburg, Pennsylvania.
Cushman & Wakefield’s Scott Niedergang and Gino Lollio in Chicago and Shane Funston in Philadelphia represented the seller, a partnership of over 25 physicians that both owned and practiced out of the buildings. The buyer, IRA Capital, was also sourced by Cushman & Wakefield.
Pocono Ambulatory Surgery Center (PASC) and Medical Office Building consists of a 17,600-square-foot ambulatory surgery center and an attached 20,736-square-foot medical building that includes an additional surgery center. PASC occupies 100% of the 17,600-square-foot property and 73% of the 20,736-square-foot medical building. The remaining 15% is leased to Pocono Medical Center, a subsidiary of Lehigh Valley Health Network, one of the region’s leading healthcare providers. The facility offers procedures including gastrointestinal, gynecology, neurologic, ophthalmology, otolaryngology, oral, orthopedic, pain management, plastic, podiatric, spine, urology, colon-rectal, gastroenterology, pediatrics and lithotripsy.
The lease guarantor, Pocono Ambulatory Surgery Center, LP, is a partnership between Surgical Care Affiliates (SCA), the physicians performing procedures at the center and Pocono Medical Center. SCA is a subsidiary of OptumCare a division of UnitedHealth Group Inc., and one of the largest providers of outpatient surgery in the United States with a network of more than 200 ambulatory surgery centers located in 35 states performing over 1 million procedures a year.
“Upon taking this asset to market, the surgery center tenant had less than seven years of lease term remaining. Prior to closing, Cushman & Wakefield was able to consult on the negotiation of a brand new 15-year lease. This successful outcome is a testament to the collaboration shown by all parties to the transaction including buyer, seller, Surgical Care Affiliates and Lehigh Valley Health Network,” said Niedergang. “This simultaneous lease negotiation increased seller proceeds upon sale and secured a long-term tenant for the buyer.”
Lollio added, “Credit is due to all parties involved for completing this transaction during these turbulent and unparalleled times. The outcome is a result of the good-faith negotiations and persistence shown by the buyer, seller, lender and tenants.”
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.
Bailey Webb
Director
Direct: +1 404 682 3381
Mobile: +1 404 583 5088
bailey.webb@cushwake.com
1180 Peachtree St., Suite 3100
Atlanta, GA 30309 | USA
cushmanwakefield.com
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