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Vital Infrastructure REIT buys East New York medical facility for $89.9M
The 142,249-square-foot East New York Health Hub at 101 Pennsylvania Avenue is leased as an outpatient facility, with AdvantageCare Physicians still having 11 years remaining on its lease.
Vital Infrastructure Property Trust, a Toronto-based health care infrastructure REIT, has agreed to buy the East New York Health Hub, a medical facility in Brooklyn for $89.9 million, Commercial Observer reported.
The property spans 142,249 square feet and is located at 101 Pennsylvania Avenue. The REIT said it will be used as an outpatient care facility leased to AdvantageCare Physicians New York, with 11 years remaining on the lease term.
In announcing the deal, Vital Infrastructure said the acquisition supports its growth strategy, describing the site as a modern, institutional-quality multi-disciplinary health care facility in a high-barrier market, and it said the purchase strengthens the resilience and quality of its portfolio while expanding its presence in a key U.S. market.
Commercial Observer also noted the building has additional tenants, including New York Cancer & Blood Specialists, Lenox Hill Radiology, New York Health, Advanced Dermatology, and Quest Diagnostics. Newmark negotiated the transaction for the buyer and seller, and the seller is Squarefeet.com owner Jonas Rudofsky, who has owned the property since 2019, when it was developed.