Gino Lollio and Scott Niedergang Represented the Seller and Buyer
CHICAGO, November 28, 2018 – Cushman & Wakefield has arranged the $7.85 million sale of Tuscaloosa Surgical Center and Medical Office Building at 1400 and 1406 McFarland Boulevard North in Tuscaloosa, Alabama. Gino Lollio and Scott Niedergang of Chicago, brokers in the firm’s Healthcare Advisory Practice, Capital Markets, with the assistance of R. William Pradat, Jr., represented the seller, a group of physicians practicing out of the building. They also represented the buyer, an out-of-state private healthcare-focused real estate investment trust (REIT).
Approximately 65% of the two buildings are occupied by a Surgical Care Affiliates (SCA) Ambulatory Surgery Center. Roughly 33% of the medical office building is vacant and provides for future upside to the new owner. Tuscaloosa Surgical Center has a strong footprint in the community and has serviced the area with over 250,000 surgical cases since 1995.
Scott Niedergang, Managing Director, Cushman & Wakefield said, “Prior to going to market, we consulted the physician ownership group on obtaining a new 15-year lease from SCA, part of UnitedHealth Group. This long-term lease added significant value to the asset and maximized the sales price upon sale. Our team’s ability to add-value prior to taking assets to market continues to produce optimal outcomes for our clients.”
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.