Gino Lollio, Scott Niedergang, Bryan Belville and Eric Schreibman Represented the Buyer and Seller in the Transaction
CHICAGO, November 28, 2018 – Cushman & Wakefield has arranged the sale of Seventh Avenue Medical Center in Chardon, Ohio, a Cleveland suburb. Gino Lollio, Scott Niedergang and Bryan Belville of Chicago, brokers in the firm’s Healthcare Advisory Practice, Capital Markets, with the assistance of Eric Schreibman of Cleveland, represented the seller, a group of physicians practicing out of the building and the 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 Orthopedic Specialties, all prominent medical providers in the Cleveland area. Precision Orthopedic 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 said, “As is our objective with all 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 different types of investors for this 100% occupied, high-quality ASC-anchored medical office building.”
About Cushman & Wakefield
Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value by putting ideas into action for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with 48,000 employees in approximately 400 offices and 70 countries. In 2017, the firm had revenue of $6.9 billion across core services of property, facilities and project management, leasing, capital markets, advisory and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.