News: Front Section
Posted: March 22, 2019
McDonnell and Grundy of Avison Young handles sale of 16,000 s/f building
New Haven, CT According to Sean Cahill, principal and managing director of Avison Young’s Fairfield/Westchester office, the company completed the sale of 1423 Chapel St. Principal Sean McDonnell and senior associate Christopher Grundy led the Avison Young team in negotiations for the sale to Elm City Medical, LLC. The sale price was not disclosed.
The purchase includes 16,000 s/f of medical office condominiums.1423 Chapel Condominium Association sold the property to Elm City.
The building is located across from the main entrance to Yale New Haven Hospital’s St. Raphael Campus. Elm City Medical intends to renovate the building and modernize it to meet the needs of the current medical office market.
“The New Haven medical office market is very tight, with few availabilities within close proximity to major hospitals,’’ Grundy said. “Although many investors in New Haven are converting commercial buildings to residential, the new ownership at 1423 Chapel sees the rare opportunity to renovate an existing medical office building and bring it up to the latest standards.”
McDonnell and Grundy used their expertise in the medical office space and the city submarket to identify several prospective buyers and to meet the needs of the physicians who collectively owned the building.
One tenant, New Haven Dental Associates, has already expressed plans to remain at the location.
Tags:
Front Section
MORE FROM Front Section
Newmark negotiates sale of 10 Liberty Sq. and 12 Post Office Sq.
Boston, MA Newmark has completed the sale of 10 Liberty Sq. and 12 Post Office Sq. Newmark co-head of U.S. Capital Markets Robert Griffin and Boston Capital Markets executive vice chairman Edward Maher, vice chairman Matthew Pullen, executive managing director James Tribble,
.png)
Columns and Thought Leadership
How COVID-19 has impacted office leasing - by Noble Allen and John Sokul
To say that the effects of COVID-19 has transformed office leasing is an understatement. When COVID-19 was at its peak, office spaces were practically abandoned either through governmental mandates or through actions taken by businesses themselves.
Five ways to ruin a Section 1031 Like-Kind Exchange - by Bill Lopriore
While there is some flexibility when structuring a like-kind exchange, some important requirements must be met. A mistake can ruin your exchange. Here are five mistakes to avoid:
Four tips for a smooth 1031 Exchange - by Bill Lopriore
Many real estate investors do not understand the specific requirements that must be met to secure the benefits of a tax-deferred 1031 exchange. For example, the replacement property must be identified within 45 days of the closing date of the relinquished property.
Make PR pop by highlighting unique angles - by Stanley Hurwitz
Coming out of the pandemic, a client with three hotels in Provincetown, Mass., needed ways to let the world know his properties were open for business for the 2021 tourist season.
