EAST ORANGE, NJ—Global Medical Real Estate, a Bethesda-based health care facilities real estate investment trust, acquired 310 Central Avenue in East Orange, NJ in a $12-million sale-leaseback with its owner, Prospect Medical Holdings.
Peter Rasmusson CCIM, of Lee & Associates' Elmwood Park office, represented Global Medical Real Estate. The seller of the property, Prospect Medical Holdings, master-leased the 68,000-square-foot building for an undisclosed term.
The purchase is part of a string of acquisitions for Global Medical Real Estate totaling nearly $31 million —including medical buildings in South Dakota, Ohio and New Jersey— its largest spending spree since going public in July, when it raised a total of $150 million in its IPO.
“There was a great deal of interest by our investors in this asset,” says Rasmusson. “The sale underscores the robustness of the sale and leaseback market, especially in the medical sector.”
Constructed in 1988, the modern three-story adjoins the main campus of East Orange General Hospital. The building houses more than a dozen different medical practices, and the hospital also utilizes significant portions of the building for its lab, wound center and dialysis center.
EAST ORANGE, NJ—Global Medical Real Estate, a Bethesda-based health care facilities real estate investment trust, acquired 310 Central Avenue in East Orange, NJ in a $12-million sale-leaseback with its owner, Prospect Medical Holdings.
Peter Rasmusson CCIM, of Lee & Associates' Elmwood Park office, represented Global Medical Real Estate. The seller of the property, Prospect Medical Holdings, master-leased the 68,000-square-foot building for an undisclosed term.
The purchase is part of a string of acquisitions for Global Medical Real Estate totaling nearly $31 million —including medical buildings in South Dakota, Ohio and New Jersey— its largest spending spree since going public in July, when it raised a total of $150 million in its IPO.
“There was a great deal of interest by our investors in this asset,” says Rasmusson. “The sale underscores the robustness of the sale and leaseback market, especially in the medical sector.”
Constructed in 1988, the modern three-story adjoins the main campus of East Orange General Hospital. The building houses more than a dozen different medical practices, and the hospital also utilizes significant portions of the building for its lab, wound center and dialysis center.
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.