November 30, 2018
Cushman & Wakefield has arranged the sale of Seventh Avenue Medical Center in the Cleveland suburb of Chardon, OH. Chicago-based Gino Lollio, Scott Niedergang and Bryan Belville, with the assistance of Eric Schreibman of Cleveland, represented the seller, a group of physicians practicing out of the building and the original builders.
The team also procured the buyer, an out-of-state private equity firm which focuses on the acquisition of medical office real estate throughout the country.
Seventh Avenue Medical Center is a 27,930-square-foot, ambulatory surgery center-anchored medical office building located at 150 Seventh Ave. in Chardon. The building was fully-occupied at the time of sale, with anchor tenants including Kellis Eye Center, Chardon Surgery Center and Precision Orthopedic Specialties.
“There was a tremendous amount of interest from different types of investors for this 100% occupied, high-quality ASC-anchored MOB,” said Lollio.
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