Physicians Realty Trust JV Acquires Brooklyn’s Calko Medical Center
A joint venture of Physicians Realty Trust (DOC) and MedProperties Realty Advisors, LLC has closed on the $81.5-million acquisition of Calko Medical Center at 6010 Bay Pkwy. in Brooklyn’s Bensonhurst neighborhood. The seller reportedly was the Marcal Group.
Built in 2013, the Class-A, freestanding facility contains 85,567 rentable square feet, anchored by Maimonides Medical Center and physicians associated with Maimonides, and is 100% leased and occupied through 14 triple-net leases. DOC owns 90% of the JV, with MedProperties owning the remaining 10%. The stabilized cash yield on the investment is 5.5%.
John T. Thomas, DOC’s president and CEO, said, “We are excited to partner once again with MedProperties, who sourced this acquisition opportunity and worked with us to complete the transaction. This is a fantastic outpatient medical facility with a health care ecosystem that provides access to exceptional care for the larger Brooklyn population.”
Paul Bubny serves as Senior Content Director for Connect Commercial Real Estate, a role to which he brings 13-plus years’ experience covering the commercial real estate industry and 30-plus years in business-to-business journalism. In this capacity, he oversees daily operations while also reporting on both local/regional markets and national trends, covering individual transactions across all property types, as well as delving into broader subject matter. He produces 15-20 daily news stories per day and works with the Connect team and clients to develop longer-form content, ranging from Q&As to thought-leadership pieces.
Prior to joining Connect, Paul was Managing Editor for both Real Estate Forum and GlobeSt.com at American Lawyer Media, where he oversaw operations at both publications while also producing daily news and feature-length articles. His tenure in B2B publishing stretches back into the print era, and he has served as Editor in Chief on four national trade publications.
Since 1999, Paul has volunteered as the newsletter editor of passenger rail advocacy groups (one national, one local).
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