Cleveland, OH (April 29, 2016)—Newmark Grubb Knight Frank (NGKF) is pleased to announce the sale of 6701 Rockside Road (Rockside Medical Center) in Independence, Ohio, a 54,611-square-foot medical office building. The transaction was valued at over $10,000,000.
NGKF’s Executive Managing Director Bob Nosal and Director Susan Licciardi represented the seller, Dennison Development Group in the transaction. Dennison Development Group originally built Rockside Medical Center in 1980. The property was sold to a self-managed, fully-integrated healthcare real estate company based in Tennessee.
“We are pleased to have represented Dennison Development Group in the sale of Rockside Medical Center,” said Nosal. “The location of this asset, in the middle of an office and medical hub, was a huge attraction. We were able to capitalize on our experience in brokering sales of independent medical office buildings in the area along with our market knowledge to secure a quality buyer for our client.”
Centrally located in the suburb of Independence, Rockside Medical Center is a three-story, multi-tenant medical office building. 65% of its tenancy is St. Vincent Charity Medical Center and The Cleveland Clinic. The property features a state-of-the-art surgical center, new HVAC and roof as well as new finishes to the common area.
About Newmark Grubb Knight Frank
Newmark Grubb Knight Frank is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, NGKF’s 12,800 professionals operate from more than 370 offices in established and emerging property markets on six continents.
With roots dating back to 1929, NGKF’s strong foundation makes it one of the most trusted names in commercial real estate. NGKF’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
NGKF is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit http://www.bgcpartners.com/.
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