Newmark announces the Company has arranged the $89 million sale of Emblem Health Hub Medical Office Building (“MOB”), a 140,000-square-foot, trophy-quality MOB located at 101 Pennsylvania Avenue in Brooklyn, New York. Vital Infrastructure Property Trust, a global healthcare infrastructure REIT, acquired the property from Dominion Management Company.
Co-Heads of U.S. Medical Office Capital Markets Ben Appel, U.S. Capital Markets Adam Spies, U.S. Healthcare Capital Markets Jay Mieleand Justin Shepherd, alongside Head of Healthcare Debt John Nero, alongside Executive Vice Chairman Adam Doneger, Vice Chairman Matt Berres, Senior Managing Director Michael Greeley, Associate Directors Ron Ott, Conor Hilton, Drew Martin, represented the seller.
Completed as one of Brooklyn’s newest purpose-built medical office developments, Emblem Health Hub is fully leased on a long-term basis to EmblemHealth, New York’s largest independent physician group. The approximately 140,000-square-foot asset was designed to meet the evolving needs of modern outpatient healthcare delivery and serves as a critical healthcare destination within one of the nation’s largest metropolitan markets.
“Institutional investors globally continue to prioritize high-quality medical office assets backed by strong healthcare operators, drawing investor interest from the U.S, Canada, Middle East, UK, and Asia.”” said Appel. “Opportunities to acquire new construction medical assets in New York are limited, which drives strong activity and pricing for high quality MOBs,” said Spies.
The transaction underscores continued investor demand for institutional-quality healthcare real estate, particularly newly developed assets leased to leading healthcare providers with long-term occupancy.
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