VINELAND, NJ—Stan JohnsonCompany has completed the sale of a 37,660 SF Vineland,NJ, medical property to Lexington Realty Trust for$19.1 million. Located at 1237 W. ShermanAve. in Vineland, NJ, the property is two miles from NewJersey Route 55, along a heavy medical corridor 40 miles south ofPhiladelphia. The facility is leased to HealthSouthRehabilitation Hospital of South Jersey and is guaranteedby HealthSouth Corporation, the largest owner andoperator of inpatient rehabilitation hospitals in the UnitedStates.
Camille Renshaw, CCIM, and DavidBailey of Stan Johnson Company's New Yorkoffice represented the seller, a New Jersey medical developer, inthis transaction. The property is under a 40 year lease withapproximately 29 years remaining.
The sale boasted a +/-5.8% cap rate, based on 2014 NOI,Johnson Company says in a press release. Themost compressed cap rate previously reported byCoStar for a rehabilitation hospital leased by aHealthsouth entity nationwide was +/-6.43%. That sale was for a hospital located in Everett, WA, and closed in2003.
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