New York & Tri-State + New Jersey + Office | August 2, 2019

Welltower Snares NJ Medical Offices in $140M Deal

Welltower Inc. has agreed to acquire a 43-acre, six-building, 270,000-square-foot medical office campus in Berkeley Heights, NJ for $140 million. The campus will be master-leased by Summit Medical Group under a new 20-year, absolute net lease.

The Berkeley Heights campus is the largest and most comprehensive of five “hubs” in Summit’s 80-location hub-and-spoke model. The acquisition will bring Welltower’s total Summit-leased footprint to over 500,000 square feet.

The sale is expected to close in the third quarter, subject to customary closing conditions. It will both facilitate and be contingent on Summit completing its recently announced merger with CityMD, an urgent care platform with significant scale in the New York/New Jersey metropolitan area.

“The merger of Summit Medical and CityMD is the latest example of how Welltower is facilitating and financing new models in health care delivery,” said Thomas J. DeRosa, Welltower’s chairman and CEO.

Pictured: Thomas J.DeRosa

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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).