Thursday, January 10, 2019

Columbia Property Investors Buys MOB in Lehigh Valley

by Steve Lbuetkin,
Columbia Property Investors acquired a 12,000-square-foot medical office building in the Philadelphia suburb of Hellertown, PA.
Located at 708 Main St., the medical office building was completed as a build-to-suit for Lehigh Valley Health Network, a regional healthcare provider. Lehigh Valley Health Network has leased the entire property for 15 years on a net lease basis.

Lehigh Valley Health Network is a regional healthcare provider that has a network of more than 1,340 primary care and specialty physicians, with hospitals on eight campuses throughout the Lehigh Valley of Philadelphia and New Jersey. The network features the LVHN Cancer Institute, the LVHN Heart Institute and the LVHN Institute for Special Surgery.

“We are pleased to have completed this accretive acquisition and appreciate Bear’s relentless effort to keep the deal on track throughout the entire process,” says Michael Hanson, manager of Columbia Property Investors. “This medical office building is an excellent addition to our investment portfolio, as it features a long-term net lease with a quality tenant in an excellent location.”

The seller was Ashley Development Corporation.
Ashley Development Corporation is a real estate development firm specializing in mixed-use projects in urban areas and the adaptive re-use of existing structures. Founded in 1989, the firm focuses on both residential and commercial projects.

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