Cushman & Wakefield has arranged the sale of Seventh Avenue Medical Center in Chardon, Ohio, a Cleveland neighborhood. The firm’s Healthcare Advisory Practice, Capital Markets, led by Gino Lollio, Scott Niedergang, with Bryan Belville of Chicago, and with the assistance of Eric Schreibman of Cleveland, represented the seller, a group of physicians practicing out of the building and original builders. They also procured the buyer, an out-of-state private equity firm focused on the acquisition of medical office real estate throughout the country.
Seventh Avenue Medical Center is a 27,930-square foot, ambulatory surgery center-anchored medical office building located at 150 Seventh Avenue. The building was fully occupied with each tenant signing new long-term triple-net (NNN) leases with annual increases prior to the sale. Anchor tenants include Kellis Eye Center, Chardon Surgery Center, and Precision Orthopaedic Specialties, all prominent medical providers in the Cleveland area. Precisions Orthopaedic Specialties, Inc., occupying approximately half the building, has provided orthopedic and sports physical therapy in the Cleveland area for over 27 years. Kellis Eye Center has six other locations throughout the area.
Gino Lollio, Managing Director, Cushman & Wakefield adds, “As is our objective in all our of assignments, we worked tirelessly with the owners to maximize the value of the real estate, in this case, by securing new long-term leases. This was also attractive to the owners as it provided them with a comforting level of control as tenants following the sale. There was a tremendous amount of interest from all different kinds of investors for this 100% occupied, high-quality ASC-anchored medical office building.”