For Immediate Release
Cushman & Wakefield Closes Sale of Triple-Net Leased MOB in Pennsylvania’s Lehigh Valley
Cushman & Wakefield’s Gino Lollio, Scott Niedergang, Travis Ives and Shane Funston Represent Ownership in Sale of Fully Leased Facility
CHICAGO, May 26, 2020 – Cushman & Wakefield’s Healthcare Capital Markets team has represented owner JWMI, LP, in the sale of a triple-net leased medical office building (MOB) in Sellersville, Pennsylvania. St. Luke’s University Health Network’s Bux-Mont Endoscopy Center and Buxmont Gastroenterology Specialists occupy the 10,000-square-foot MOB.
Cushman & Wakefield Managing Directors Gino Lollio and Scott Niedergang and Senior Directors Travis Ives and Shane Funston represented ownership in the sale to a healthcare real estate-focused private investor.
Located at 1107 Bethlehem Pike at its intersection with South Ridge Road, the MOB serves an affluent suburb of Philadelphia with a median household income exceeding $90,000 in a three-mile radius and $75,000 within a five-mile radius. Nearby healthcare facilities include Trivalley Primary Care, Penn Foundation, Grand View Health Hospital, BAYADA Pediatrics, and Fresenius Kidney Care Sellersville.
“Prior to taking this asset to market, the private gastroenterology and endoscopy practices that occupied the building were acquired by St. Luke’s Health Network,” said Niedergang. “Our team consulted the physician owners on the negotiation of a new, 10-year lease as part of the sale of their practice. This long-term lease backed by the region’s leading health system attracted significant interest from institutional and private capital sources.”
Added Lollio, “There remains a significant amount of capital interested in the healthcare real estate market. Assets with strong credit tenancy and significant lease term remaining continue to solicit interest from the market.”
Bux-Mont Gastroenterology is comprised of six physicians and two nurse practitioners. The center offers cancer screenings, colonoscopies, ERCPs, upper endoscopies, liver biopsies, and more. The Sellersville Endoscopy Center is outfitted with state-of-the-art medical equipment to ensure that each individual patient receives the highest quality care available. The Sellersville endoscopy center is outfitted with state-of-the-art medical equipment to ensure that each individual patient receives the highest quality care available. The facility is designed with patient safety, comfort, privacy and convenience in mind. It includes private procedure rooms and a relaxing setting for patients and their families.
St. Luke’s University Health Network (SLUHN) is a non-profit, regional, fully integrated, nationally recognized network providing services at ten hospitals and more than 315 locations in Pennsylvania and New Jersey. In 2018, St. Luke’s University Health Network was recognized as the best hospital and health system by Lehigh Valley Business.
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
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