Lee & Associates NYC Closes $11.3 Million Sale of 28,925-Square-Foot Medical Office Building in Manchester, Connecticut

October 21, 2019 – Dennis Someck, Executive Managing Director/Principal, Justin Myers, Executive Managing Director/Principal, and Ben Tapper, Senior Managing Director, of Lee & Associates NYC, have arranged the sale...
515 Middle Turnpike

October 21, 2019 – Dennis Someck, Executive Managing Director/Principal, Justin Myers, Executive Managing Director/Principal, and Ben Tapper, Senior Managing Director, of Lee & Associates NYC, have arranged the sale of the 28,925-square-foot Medical Office property at 515 Middle Turnpike West in Manchester, CT. The Lee & Associates NYC team represented the seller, Metro Realty of Farmington, CT, who built the property in 2012. The building was purchased for $11,300,000, approximately a six percent yield, by Physicians Realty Trust of Milwaukee, WI, who was represented by Davis Healthcare Real Estate of Minneapolis, MN.

515 Middle Turnpike West currently has two medical tenants, ProHealth, which is now owned by UnitedHealthcare, and St. Francis Hospital and Medical Center, a member of Trinity Health of New England. St. Francis has a lease expiring in July 2020, at which time ProHealth will take possession of their space and occupy 100 percent of the building.

“The single floor layout of the property with ample on-site parking is optimal for a medical center and outpatient use,” says Mr. Tapper, who adds that “this is an ideal location for medical, seeing as there are three hospitals within a 10-mile radius.”

Mr. Myers notes that “this site is only ten miles east from all of the conveniences available in the city of Hartford, and offers easy access from both Interstates 84 and 384. The location coupled with the recent construction of the building allow 515 Middle Turnpike West to command highly competitive rents.”

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