...Rising demand from physicians and specialists has driven the medical office vacancy rate to a record low, according to an industry report published by CBRE last fall. As of early 2017, it had dipped to 8 percent, compared to a 13 percent vacancy rate in the U.S. office market. It is projected the number of people who are 65 and older will almost double by 2055...
Akelius Real Estate Management picked up a 117-unit Gramercy rental building from Benedict Realty Group for nearly $61 million.
Akelius, the U.S. arm of Swedish investment giant Akelius that’s acquired a portfolio of more than 1,000 apartments since its launch in 2015, paid $60.9 million to buy the six-story building at 321 East 22nd Street, according to brokers at HFF who negotiated the deal on behalf of the seller.
The price works out to roughly $1,000 per square foot for the 62,000 rentable square feet, according to HFF broker Jeff Julien, who worked on the deal with colleagues Rob Hinckley and Andrew Scandalios.
That price is “in-line for this vintage,” Julien said.
Representatives for Akelius and Benedict were not immediately available for comment.
Benedict bought the property back 2012 for $31 million.
Benedict Realty Group (BRG) has closed on the $60 million acquisition of 12 medical office buildings with 350,000 s/f of space. The acquisition expands BRG’s portfolio of medical office buildings to a total of 600,000 s/f in 17 properties along the East Coast.
"...after spending $1.7 million to install solar systems on nine rental buildings in the Bronx, Brooklyn and Queens, Daniel Benedict, the founder of Benedict Realty Group, estimated that the investment will have paid for itself in about five years."
"About nine months after acquiring a prime retail spot in Surfside for $18 million, Benedict Realty Group flipped the property for $25 million... The deal breaks down to $997 per square foot for the building and $1,086 per foot for the land."