Newmark arranged the $89-million sale of Emblem Health Hub Medical Office Building, a 140,000-square-foot, trophy-quality MOB located at 101 Pennsylvania Ave. in Brooklyn’s East New York neighborhood. Vital Infrastructure Property Trust, a Canada-based global healthcare infrastructure REIT, acquired the property from developer Dominion Management Company.
Co-Heads of U.S. Medical Office Capital Markets Ben Appel, U.S. Capital Markets Adam Spies, U.S. Healthcare Capital Markets Jay Miele and Justin Shepherd, alongside Head of Healthcare Debt John Nero, Executive Vice Chairman Adam Doneger, Vice Chairman Matt Berres, Senior Managing Director Michael Greeley and Associate Directors Ron Ott, Conor Hilton and Drew Martin, represented the seller.
Completed as one of Brooklyn’s newest purpose-built medical office developments, Emblem Health Hub is fully leased long-term to EmblemHealth, New York’s largest independent physician group. “Institutional investors globally continue to prioritize high-quality medical office assets backed by strong healthcare operators, drawing investor interest from the U.S, Canada, Middle East, UK, and Asia,” said Appel.
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