Greater Erie Medical Center – 2374 Village Common Drive, Millcreek Township, PA 16506
CBRE, as exclusive agent for the owner, is pleased to offer the opportunity to acquire the Greater Erie Medical Center located in Millcreek Township, PA, a suburb of the city of Erie. Greater Erie Medical Center is in a premier location that offers easy access due to its proximity to Interstates 79 and 90.
Containing 31,674 gross square feet, the Property includes 22,898 rentable square feet of office space and 5,916 rentable square feet of storage space. Two established medical practices occupy the first floor with the entire second floor leased to the Greater Erie Surgery Center.
- Fully Leased: Currently 100% leased, Greater Erie Medical Center represents a Class A multi-tenant medical office building containing 31,674 gross square feet.
- Synergistic Mix of Strong Tenants with Long-Term Leases: Greater Erie Medical Center is home to Tri-State Pain Institute, Physical Therapy Associates, as well as the Greater Erie Surgery Center, which occupies approximately 51% of the Property. All three tenants represent established medical practices with a weighted average remaining lease term of thirteen (13+) years.
- High Quality Construction: Constructed in 2005, the Property is of excellent quality construction and considered to be superior to that of competing properties.
- Strategic Location Among Established Medical Service Providers: The Greater Erie Medical Center benefits from its strategic location approximately 1.5 miles west of the Millcreek Township Community Hospital and Lake Erie College of Osteopathic Medicine (LECOM), the nation’s largest medical college for osteopathic medicine.
Investment Fact Sheet
- Offering Price: $8,600,000
- NOI: $636,262
- Cap Rate: 7.4%
- Year 1 Cash on Cash Return: 10.22%
- Occupancy: 100%
Contact Information:
- Paul Fedorko
CBRE, Inc.
Telephone: +1 412 394 9856
Email Address: paul.fedorko@cbre.com
- Antoine Matthews
CBRE, Inc.
Telephone: +1 614 430 5020
Email Address: antoine.matthews@cbre.com
- Johnny Lamberson
CBRE | Memphis
Telephone: +1 901 260 1060
Email Address: john.lamberson@cbrememphis.com
- Terry Radford
CBRE | Memphis
Telephone: +1 901 260 1022
Email Address: terry.radford@cbrememphis.com
The full content of this article is only available to paid subscribers. If you are an active subscriber, please log in. To subscribe, please click here: SUBSCRIBE
Comments are closed, but trackbacks and pingbacks are open.