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Hospital-Connected Medical Office Building for Sale Near Hartford

Thursday, October 13, 2016

Update: This medical office building is no longer available, as HFF closed the sale of the property. Click here for details.

Holliday Fenoglio Fowler, L.P. (HFF), on behalf of the owner, is marketing for sale The Medical Arts Center at the Hartford Healthcare Cancer Institute (The Medical Arts Center), a 72,022-square-foot, 95-percent-leased, Class A, hospital-oriented and hospital-anchored medical office building in the Hartford-area community of Plainville, Connecticut.

Located at 201 North Mountain Road, the property was integrated with the connected Hartford HealthCare Cancer Institute at the Hospital of Central Connecticut in Plainville, which is owned by the hospital and not part of this sale offering. A mandated condition of the site selection and development of the cancer institute was that the two buildings must be physically connected in order to achieve seamless patient flow between buildings. As a result, the property shares the entry way and main lobby with the cancer institute through which patients can move effortlessly between both buildings.

The medical office building (MOB) is an integral part of the regional cancer services strategy developed by Hartford HealthCare in partnership with the Memorial Sloan-Kettering Alliance, an initiative designed to collaboratively guide community providers toward state-of-the-art cancer care. The property is home to “mission-critical” services that meet the long-term objectives of the health systems, and, through its partnership with Memorial Sloan-Kettering, the world’s oldest and largest private cancer center, provides a pivotal, complementary and interdependent role to the connected cancer institute.

The medical office building for sale features an average remaining lease term of 11.10 years with contractual annual rent growth between two and three percent. The entire first floor of The Medical Arts Center is leased by the hospital to provide comprehensive outpatient services to the cancer institute. Another key user of these services is Orthopedic Associates of Hartford, the dominant orthopedic group in the Hartford region, which occupies most of the building’s third floor. The property also serves as a Hartford Healthcare employed physicians specialty location for a wide array of services, including breast surgery, colorectal, vascular, podiatric surgery, urology, plastic and reconstructive surgery and neurosurgery. Hartford Healthcare-employed physicians also occupies a family practice suite.

Medical Office Building for Sale Investment Benefits

  • Physically Connected to Hospital-Owned Cancer Institute:  The medical office property is physically connected to and shares a common entry way and lobby with the hospital-owned cancer institute. The hospital has over $600 per square foot, including equipment costs, invested into the institute. Total capitalization of the MOB is approximately $450 per square foot, including equipment costs.
  • Credit Anchor Tenancy:  Hartford Healthcare (Moody’s: A2), and its subsidiary, the Hospital of Central Connecticut (NR) occupy 56.29 percent of GLA, and 100 percent of in-place tenants have affiliations with Hartford Healthcare and the Hospital of Central Connecticut.
  • New, Best-in-Class Construction:  The Medical Arts Building and hospital’s cancer institute were completed in 2014 with best-in-class architectural design, highly thought-out and intentional floor plans and with no cost spared to create a healing environment for the cancer institute’s patients and families.
  • Strategic Location:  Site selection was intended to serve the population within a 25-mile radius covering the Hartford Healthcare service area. The community response has been outstanding with actual results exceeding projections. The hospital conducted an exhaustive site selection process to identify the best site to execute its mission to provide services to the community, and the property’s proximity to interstate highways, state highways and local roadways allows for this.

The Medical Arts Center at the Hartford Healthcare Cancer Institute is an opportunity for an investor to acquire a new, best-in-class medical office building that is physically-connected to a hospital-owned cancer institute and is leased to a credit anchor tenant. For more information on this medical office building for sale near Hartford or other similar commercial properties for sale, please contact HFF Senior Managing Director Doug Rodio or Director Ben Appel in HFF's Philadelphia office.
 





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