Investor Acquires Three Tenant Medical Office Building
(June 2nd, 2022) FREEHOLD/CHICAGO – Physician Real Estate Capital Advisors (“PRECAP”)announces the $8.2 million closing of the Millennium Eye Care and Freehold Surgical Center, located adjacent to the 284-bed CentraState Medical Center in Freehold, New Jersey. PRECAP Managing Principal Scott Niedergang and JDS Real Estate Services, Inc. represented both the seller, a physician partnership, and the buyer, a publicly registered real estate investment trust focused on acquiring a diversified portfolio of healthcare real estate.
The 25,164 square-foot, three-tenant facility is 100% occupied by Millennium Eye Care, Freehold Surgical Center, and Schubel Chiropractic. Prior to the sale, both Millennium Eye Care and Freehold Surgical Center were acquired by Prism Vision Group, a physician-lead administrative service organization that partners with eye care practices throughout the United States.
In addition to executing the marketing and sale of the property, PRECAP also assisted in the negotiation of new, 10-year leases ¬– with annual rent escalations, between the physician owners and their new Prism Vision Group-affiliated tenants.
“Prior to our firm’s involvement, the leases had minimal term remaining and did not include contractual rent growth,” said Niedergang. “By negotiating new 10-year lease terms with annual rent escalations tied to the consumer price index, we were able to add significant value to the real estate and increase net proceeds upon sale for our physician clients.”
Dr. Steven Mishkin, the managing member of the seller, added, “We would highly recommend Scott Niedergang for the sale of a medical office building. He carried us through the process step-by-step and his knowledge of the healthcare real estate market was invaluable.”
About Physical Real Estate Capital Advisors, LLC:
Physician Real Estate Capital Advisors, LLC (“PRECAP”) provides sale-leaseback and investment sale healthcare real estate advisory services to physicians, private equity sponsors, investors, and developers. Company principals have executed more than $1.1 billion of transactions throughout the United States. Learn more by visiting www.precap.us.
Sarina Nunes
Account Director | Sabrina Wottreng Public Relations
954.557.7748
sn@sabrinawottreng.com
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