12 months ago
NEW BRITAIN, CT - O,R&L Commercial, LLC recently completed a Sale/Leaseback for Starling Physicians of a 140,000± SF Medical Office Portfolio consisting New Britain’s two premier Medical Office Buildings.
The seller was Starling Physicians and the buyer was Inland Real Estate Acquisitions, Inc. Jay L. Morris, Managing Partner of O,R&L Commercial was the sole broker in this transaction.
The facilities are located at 1 Lake Street and 300 Kensington Avenue, New Britain. The portfolio sold for a combined total of a little more than $16,000,000. Both buildings were owned by Starling Physicians and they occupy 100% of the buildings.
The 300 Kensington Avenue location was originally built by Grove Hill Medical more than 45 years ago. This location houses a wide range of specialists including Internal Medicine, OB/GYN, Pediatrics, Pulmonary, Gastroenterology, as well as Laboratory Services and Radiology.
1 Lake Street is a multi-building complex that was built a century ago by Stanley Works and was sold to Grove Hill and converted to Medical Offices in the early nineties. This facility houses a number of other specialties including the Eye Center, Orthopedics, Cardiology, Surgery, Dermatology, and Urology.
By completing a Sale/Leaseback Starling was able to monetize the value of these assets so they could reinvest in their business, and at the same time keep long term control through a lease. The lease term is for 15 years and they will continue to see patients at these locations.
Starling Physicians, P.C. is one of Connecticut’s leading multispecialty groups and the largest independent private practice of specialized physicians in the State of Connecticut. Starling was formed on January 1, 2016 as a result of a merger of Grove Hill Medical Centers and Connecticut Multispecialty Group. Grove Hill was originally founded in 1947 and Connecticut Multispecialty Group was originally founded in 1996. Combined they have over 250 providers in 23 specialties throughout the Greater Hartford and New Britain markets.
The buyer, Inland Real Estate Acquisitions, Inc. based in Oak Brook, Illinois has vast experience in investments garnered through nearly 3,500 transactions across 49 states totaling more than $44 billion for member companies of The Inland Real Estate Group of Companies, Inc.
O,R&L Commercial with offices in Branford and Rocky Hill, is a full service real estate firm that specializes in Commercial Real Estate Brokerage, Commercial Construction, and Facility Management and Maintenance. For additional information on this sale or other transactions you may contact O,R&L Commercial at 860-721-0033 and for more information regarding O,R&L Commercial, visit online at www.orlcommercial.com.