Medical-office constructing in Hanover Township purchased for $4.7 million

The Lehigh Valley actual property market continues to generate huge offers, with a medical-office constructing in Hanover Township, Northampton County, promoting for $4.7 million.

An Annapolis, Maryland-based personal fairness agency acquired 5325 Northgate Drive, in response to Northampton County information. The transaction was recorded April 1.

Thomas Park Investments, the client, stated the 53,000-square-foot constructing is 79% occupied. Thomas Park stated in an announcement that tenants embrace Mid Atlantic Retina (also referred to as Wills Eye Physicians), Radiology & MRI of Bethlehem, and Bethlehem Endoscopy.

Medical-office buildings or “MOB” as they’re referred to within the commerce can present a great return, in response to the client.

“Given the place pricing is within the industrial market, it is logical for house owners to be internet sellers and take cash off the desk,” Alex Kopicki, chief funding officer of Thomas Park, stated within the assertion. “Medical workplace is a logical house to position these funds the place alternative stays for sturdy cash-on-cash yield given the correct sponsor.”

Thomas Park acquired 5325 Northgate from the unique developer of the constructing. The vendor was recognized in county information as Bethlehem Medical Arts, a restricted partnership.

“When property are offered by the unique developer, it may be a difficult occasion for the vendor,” stated E.J. Rumpke, chief govt officer of Thomas Park.

5325 Northgate Drive is off Stoke Park Highway, close to the Wegman’s grocery retailer.

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