Acquisition financing secured for Bucks County portfolio
Bucks County, PA — Cushman & Wakefield announced that the firm’s Healthcare Capital Markets Team, led by Tyler Morss, arranged $14.95 million in bank financing for acquisition of The Oxford Court Medical Portfolio in Bucks County, on behalf of ESJ Capital Partners.
The nine-building, 152,310 s/f multi-tenant medical office portfolio is located near the US Hwy. 1 and I-295 interchange in Bucks County, near Philadelphia. It is 72% leased, primarily to medical tenants and a strong collection of healthcare users including Quest Diagnostics, LabCorp, North American Spine and Pain, DaVita, The Arthritis Group, Acorn Health, Burlington County Eye Physicians and Banyan Philadelphia.
It is located within 2.5 miles of the Jefferson Bucks Hospital, a 112-bed medical center offering an array of emergency, inpatient, outpatient, medical and surgical services. The hospital serves as a general hospital of Jefferson Health, one of the 15 largest nonprofit health systems in the United States, and is affiliated with a Level II trauma center.
Within a five-mile radius of The Oxford Court Medical Portfolio, average household income exceeds $150,000 for the area’s 207,000 residents.
“The Oxford Court Medical Portfolio represents a strong medical conversion opportunity with solid in-place yields and room for significant value creation,” said Morss, a director in Cushman & Wakefield’s Healthcare Capital Markets group. “Coupled with strong regional demographic’s and the lack of medical-office supply, the strong in-place cash flow offers ESJ the ability to fully realize their business plan, attracting medical tenants at market rents in a supply constrained market.”
In addition to Morss, Cushman & Wakefield’s Healthcare Capital Markets Team also includes co-leads Travis Ives and Gino Lollio who focus exclusively on investment sales of healthcare real estate across the US. With decades of experience in healthcare real estate, the team has collectively financed and sold over 7 million s/f valued at over $2.3 billion.