ALLENTOWN, PA— Liberty Nursing & Rehabilitation Center, Allentown, PA, has been sold by Liberty Allen Square to Owl's Next Properties, a 1031 Exchange triple-net investor with investments in the greater Wilmington, DE area, for $4.65 million. The investors focus on multifamily residential rental properties, smaller apartment complexes and commercial offices.
Patterson-Woods Commercial Properties/CORFAC International, arranged the sale of the four-story, 43,420-square-foot property. Chris Moore, sales and leasing agent with Patterson-Woods, represented the buyer. The buyer was referred to Moore by John Osborn of Patterson-Osborn Exchange Services, a firm with 30 plus years of experience in 1031 Exchange transactions. Feinberg Real Estate Advisors represented the seller.
"This Allentown, PA investment fit nicely with the desire of our client to move his investment dollars from his intensive, self-managed properties, to a lower impact real estate investment, backed by a well executed 20+ year lease with a high quality tenant," says Moore.
The facility, built in 1969, will remain a nursing home. It will continue to be leased by Health Care and Retirement Corp. of America, a division of Manor Care. This purpose-built facility has gone through several rounds of upgrades, including interior remodeling, HVAC replacement, and conversion of one floor into a specialized care unit focusing on respiratory and tracheotomy patients with an advanced oxygen supply system.
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Steve Lubetkin
Steve Lubetkin is the New Jersey and Philadelphia editor for GlobeSt.com. He is currently filling in covering Chicago and Midwest markets until a new permanent editor is named. He previously filled in covering Atlanta. Steve’s journalism background includes print and broadcast reporting for NJ news organizations. His audio and video work for GlobeSt.com has been honored by the Garden State Journalists Association, and he has also been recognized for video by the New Jersey Chapter of the Society of Professional Journalists. He has produced audio podcasts on CRE topics for the NAR Commercial Division and the CCIM Institute. Steve has also served (from August 2017 to March 2018) as national broadcast news correspondent for CEOReport.com, a news website focused on practical advice for senior executives in small- and medium-sized companies. Steve also reports on-camera and covers conferences for NJSpotlight.com, a public policy news coverage website focused on New Jersey government and industry; and for clients of StateBroadcastNews.com, a division of The Lubetkin Media Companies LLC. Steve has been the computer columnist for the Jewish Community Voice of Southern New Jersey, since 1996. Steve is co-author, with Toronto-based podcasting pioneer Donna Papacosta, of the book, The Business of Podcasting: How to Take Your Podcasting Passion from the Personal to the Professional. You can email Steve at [email protected].
