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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.”
- ◦Sale/Acquisition
