Medical office building, surgery center sell for $48M — 4 notes

Written by Angie Stewart | January 08, 2019 | Print  |

A Welltower real estate investment trust affiliate bought a medical office building and surgery center in Lynbrook, N.Y., for $48.1 million, New York Real Estate Journal reports.

Here are four notes:

1. The affiliate, 444 Merrick Road, bought the five-story, 105,000-square-foot building from real estate company HP Lynbrook. HP Lynbrook had acquired the building in 2014.

2. The Hempstead Industrial Development Agency approved the sale Nov. 15, 2018, and it closed Dec. 15, 2018.

3. The agency agreed to transfer existing economic incentives to Welltower. The benefits package will remain in effect through Dec. 31, 2023.

4. The purchase marks Welltower's entrance in the Long Island, N.Y., office market. Welltower owns 1,400 properties in the U.S., Canada and the U.K.

More articles on transactions/valuation:
Tenet, Cigna extend contract after months of disputes — 10 ASC company key notes
American Physician Partners acquires Houston emergency medicine group — 3 insights
DaVita affiliate acquires Coastal Physicians Medical Group — 4 insights

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