Physicians sell ASC, medical office building for $15.2M — 6 details

A physician group sold its practice space in Stroudsburg, Pa., for $15.2 million.

Six details:

1. More than 25 physicians owned and practiced out of the 37,976-square-foot Pocono Ambulatory Surgical Center and Medical Building, which was purchased by IRA Capital.

2. The property includes a 17,600-square-foot ASC and an attached 20,736-square-foot medical building with an additional surgery center.

3. Pocono Ambulatory Surgery Center fully occupies the ASC, as well as 73 percent of the medical building. East Stroudsburg, Pa.-based Pocono Medical Center, a subsidiary of Allentown, Pa.-based Lehigh Valley Health Network, leases the remaining space.

4. Physicians practicing at the center offer services including gastroenterology, gynecology, neurology, ophthalmology, otolaryngology, oral care, orthopedics, pain management, plastics, podiatry, spine care, urology and pediatrics.

5. A partnership between the physicians, Deerfield, Ill.-based Surgical Care Affiliates and Pocono Medical Center, Pocono Ambulatory Surgery Center serves as the lease guarantor.

6. The surgery center tenant had less than seven years of lease term remaining when the asset was taken to market, according to Cushman & Wakefield, which represented the seller in the transaction. The real estate firm helped negotiate a new 15-year lease.

"This simultaneous lease negotiation increased seller proceeds upon sale and secured a long-term tenant for the buyer," said Cushman & Wakefield's Scott Niedergang.

More articles on surgery centers:
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