Project Description

Seventh Avenue Medical Office Building

150 Seventh Avenue,
Chardon, OH
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Property Type:
Ambulatory Surgery Center-Anchored Medical Office Building

Portfolio Sale Price:
$7,350,000

Square Footage:
27,930

Major Tenants:
Kellis Eye Center, Chardon Surgery Center, Precision Orthopaedics

Highlights

•  27,930 gross-square-foot, multi-tenant medical office building | Fully occupied by five medical tenants

•  Our team worked with ownership to secure brand new, 12-year NNN leases, adding significant value to the real estate prior to sale

•  Chardon Surgery Center and Precision Orthopaedics serve as anchoring tenants | Both are prominent medical providers in the Cleveland area

•  Located six miles south of University Hospitals Concord Health Center, a 60,000 square-foot outpatient facility | Seven miles north of University Hospitals Geauga County Medical Center, a 225-bed inpatient facility

Print Details

Contact Agents:

Scott Niedergang Managing Director, Healthcare Advisory Practice | Capital Markets Direct: (312) 338-7060 Cell: (312) 342-4495 scott.niedergang@cushwake.com
Gino Lollio Managing Director, Healthcare Advisory Practice | Capital Markets Direct: (312) 338-7061 Cell: (239) 810-4714 gino.lollio@cushwake.com

Ohio Broker of Record:

Eric Schreibman

Summary

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.”

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