MORRISTOWN, NJ – March 21, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces that it has closed the $11.468 million sale of a 16,920-square-foot outpatient imaging facility that is triple net master leased to the New York University School of Medicine in the Long Island community of Garden City, New York.
The HFF team marketed the property on behalf of the seller, Meridian Imaging Group. Inland Real Estate Acquisitions, L.L.C. facilitated the purchase of the asset.
Completed in 1969, the building was converted to a medical imaging facility in 2007 and received additional upgrades within the last year. It is used as a multi-modality medical imaging center by New York University School of Medicine, which is part of the NYU Langone Medical Center (Moody’s A2), a six-hospital, 1,700-bed, university-affiliated, not-for-profit health system with a 64-percent market share in its patient service area. Situated on .13 acres at 224 Seventh Street, the medical office building is in the infill Downtown Garden City submarket steps from Franklin Avenue, the main street in the area, and 1.5 miles from the 591-bed, university-affiliated NYU Winthrop Hospital Campus. The property is also one-half mile from the Garden City Train Station, 1.2 miles north of Route 24 and 5.4 miles south of the Long Island Expressway (Interstate 495).
The HFF team included senior managing directors Jose Cruz and Kevin O’Hearn, senior directors Ben Appel, Michael Oliver and Steve Simonelli and senior managing director Andrew Scandalios.
“The activity on this asset was driven by the Garden City location, the credit of the tenant and the length of the lease,” Cruz said. “There were a significant number of buyers for this property from across the country.”
HFF and Holliday GP Corp. ("HFF") are licensed New Jersey real estate brokers.
About Inland Real Estate Acquisitions, L.L.C.
Inland Real Estate Acquisitions, L.L.C. assists in identifying potential acquisition opportunities, negotiates acquisition-related contracts and acquires real estate assets for the various entities that are a part of The Inland Real Estate Group of Companies, Inc., one of the nation’s largest commercial real estate and finance groups, which is comprised of independent legal entities, some of which may be affiliates, share some common ownership or have been sponsored and managed by such entities or subsidiaries thereof (collectively, “Inland”). Inland has been creating, developing and supporting real estate-related companies for 50 years. For additional information, please refer to Inland’s website at inlandgroup.com.
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.
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