Healthcare Realty Acquires Greenwich Outpatient Campus

Newmark arranged the approximately $65-million sale of Greenwich Medical Center at Holly Hill, a 106,092-square-foot Class A outpatient medical campus located at 75 Holly Hill Lane in Greenwich, CT. Benedict Realty Group sold the property to Healthcare Realty.

Co-Heads of U.S. Medical Office Capital Markets Ben Appel, Justin Shepherd and Jay Miele, U.S Head of Medical Office Debt, John Nero, alongside Senior Managing Director Michael Greeley and Associate Directors Ron Ott, Conor Hilton and Drew Martin, represented the seller .

Renovated in 2016, Greenwich Medical Center is anchored by Yale New Haven Health and Stamford Health and serves as a key outpatient destination within Fairfield County’s established healthcare corridor.

Located along West Putnam Avenue (U.S. Route 1), Greenwich’s “Doctor’s Row,” the asset benefits from exceptional regional connectivity, affluent demographics and a highly supply-constrained medical office market. The property’s proximity to Greenwich Hospital and other major healthcare facilities further reinforces its position as one of the region’s premier outpatient medical assets.

“Greenwich has a cache that outshines most U.S markets, attracting both private and institutional interest from domestic and abroad. Further, this is a market that features high, and growing, rents and very tight occupancies across bothe the medical and corporate office market, resulting in very strong long-term performance,” said Appel. “The confluence of these characteristics resulted in a very deep buyer pool.”