(New York, NY) Completing its fifth medical office building acquisition since raising a new real estate fund, Chicago Pacific Founders Healthcare Real Estate (CPF HCRE), a leading healthcare property investor, closed on a three-story, 34,900 square foot Class A medical outpatient building in the high-barrier market of New York City. The asset was acquired for $24 million through an off-market transaction.
Debt financing was provided by Capital One, NA.
Strategically located in the rapidly gentrifying South Bronx submarket, the fully leased property enjoys a synergistic mix of services including an ambulatory surgery center as well as outpatient oncology, radiology and physical therapy services. Undergoing a $15.2M medical conversion in 2017, the outpatient building is anchored by a leading ambulatory surgery center as well as Montefiore Health System, one of the leading health systems in New York and an investment grade credit.
“This was an excellent opportunity to acquire a high-quality, well-established medical outpatient building off-market in an area undergoing significant investment and development,” said Cliff Berryman, Senior Vice President. “The fully leased property has significant tenant investment and high acuity uses.”
Andrew Eckman, Vice President added, “The property features both a linear accelerator and a multi-specialty ambulatory surgery center in a state with stringent Certificate of Need laws. These features – along with future opportunities to bring lease rates to market – drove conviction in our largest acquisition to-date.”
CPF HCRE has two additional medical outpatient building acquisitions – exceeding 100,000 square feet – under contract with closings scheduled in the next 60 days and continues to actively pursue value-add and opportunistic medical outpatient building opportunities.
About Chicago Pacific Founders
With $2.7 billion in assets under management, Chicago Pacific Founders is a leading healthcare private equity firm with investments across both healthcare services companies and healthcare real estate.
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Contacts
Cliff Berryman
Senior Vice President – Acquisitions
404.358.0786
cberryman@cpfounders.com
Andrew Eckman
Vice President – Acquisitions
703.674.6274
aeckman@cpfounders.com
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