Columbia Property Investors Buy MOB in Lehigh Valley
The property features a long-term net lease with a quality tenant in an excellent location, says Michael Hanson of Columbia Property Investors.
HELLERTOWN, PA—Bear Real Estate Advisors represented Columbia Property Investors in its acquisition of a nearly 12,000-square-foot medical office building in the Philadelphia suburb of Hellertown, PA.
Located at 708 Main St., the medical office building was completed as a build-to-suit for Lehigh Valley Health Network, a regional healthcare provider. Lehigh Valley Health Network has leased the entire property for 15 years on a net lease basis.
“This transaction serves as a premier example of Bear Real Estate Advisor’s creative system of sourcing off-market properties for our investor clients,” says Matt Bear, founder and chief executive officer of Bear Real Estate Advisors.
Lehigh Valley Health Network is a regional healthcare provider that has a network of more than 1,340 primary care and specialty physicians, with hospitals on eight campuses throughout the Lehigh Valley of Philadelphia and New Jersey. The network features the LVHN Cancer Institute, the LVHN Heart Institute and the LVHN Institute for Special Surgery.
“We are pleased to have completed this accretive acquisition and appreciate Bear’s relentless effort to keep the deal on track throughout the entire process,” says Michael Hanson, manager of Columbia Property Investors. “This medical office building is an excellent addition to our investment portfolio, as it features a long-term net lease with a quality tenant in an excellent location.”
The seller, Ashley Development Corporation, was represented by Andrew Randolph with ALT Realty.
Ashley Development Corporation is a real estate development firm specializing in mixed-use projects in urban areas and the adaptive re-use of existing structures. Founded in 1989, the firm focuses on both residential and commercial projects.