Cushman & Wakefield has arranged the sale of Seventh Avenue Medical Center in Chardon, Ohio, a Cleveland suburb.
Gino Lollio, Scott Niedergang and Bryan Belville of Chicago, brokers in the firm’s Healthcare Advisory Practice, Capital Markets, with the assistance of Eric Schreibman of Cleveland, represented the seller, a group of physicians practicing out of the building and the original builders. They also procured the buyer, an out-of-state private equity firm focused on the acquisition of medical office real estate throughout the country.
Seventh Avenue Medical Center is a 27,930-square-foot ambulatory surgery center-anchored medical office building at 150 Seventh Ave. in Chardon. The building was fully occupied with each tenant signing new long-term triple-net leases with annual increases prior to the sale.
Anchor tenants include Kellis Eye Center, Chardon Surgery Center and Precision Orthopedic Specialties, all prominent medical providers in the Cleveland area.