FOR IMMEDIATE RELEASE
Both transactions were off-market, Milwaukee, WI Ascension MOB closed December 16 and Pottsville, PA Lehigh Valley MOB closed December 21.
Milwaukee, WI & Pottsville, PA (December 22, 2021) Vitalis and Advenir, closed on two MOB assets of their new healthcare real estate fund. 1121 E North Ave in Milwaukee, WI is a 21,000-sqaure-foot medical office building 100% leased by Ascension Columbia Saint Mary’s Family Health Center on a long term NNN lease. The JV purchased the asset for $3,750,000 or $178 per square-foot.
1121 E North Ave is located 1 mile from Ascension Columbia St. Mary’s Hospital in Milwaukee. Ascension is one of the largest private healthcare systems in the United States, ranking second in the United States by number of hospitals as of 2019. The national health system operates more than 2,600 sites of care – including 139 hospitals and more than 40 senior living facilities – in 19 states and the District of Columbia.
The second building is located at 171 Red Horse in Pottsville, Penn and was purchased for $5,300,000 or $245 per square-foot. The building is 21,500 SF and fully occupied by Lehigh Valley Health Network on a long term NNN lease. Services at this location include OB-GYN, Lehigh Valley Imaging Center, and a full-service medical laboratory.
Lehigh Valley Health Network is one of the largest health systems in Pennsylvania offering care in 95 clinical specialties across eight campuses. The Health System includes Lehigh Valley Hospital which is ranked as a top five hospital in Pennsylvania on U.S. News & World Report’s Best Hospitals list. LVH has a strong presence in Pottsville with 2 Hospital campuses located approximately 3.5 mi away from 171 Red Horse.
“These assets align perfectly with our strategy to acquire stabilized MOB’s anchored by Credit Tenant’s on long term NNN leases”. Says LaBreche. Both deals were sourced off-market by Vitalis’ Elliot LaBreche and Heather Haley.
# # # #
Elliot LaBreche is the founder of Vitalis, a vertically integrated real estate investment company focused on medical office and life science investment sales, acquisitions, and leasing across the US.
Stephen Vecchitto, founded Advenir in 1996 and serves as the company’s Managing Director. Advenir acquires, develops, and manages multi-family and single-family rental communities on behalf of high net worth and institutional investors. Advenir’s current multi-family portfolio consists of 14,000 units valued at over $2.5 Billion.
Media Contact: Abigail Kind, 802.881.9278
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