August 2, 2019
Welltower Inc. has agreed to acquire a 43-acre, six-building, 270,000-square-foot medical office campus in Berkeley Heights, NJ for $140 million. The campus will be master-leased by Summit Medical Group under a new 20-year, absolute net lease.
The Berkeley Heights campus is the largest and most comprehensive of five “hubs” in Summit’s 80-location hub-and-spoke model. The acquisition will bring Welltower’s total Summit-leased footprint to over 500,000 square feet.
The sale is expected to close in the third quarter, subject to customary closing conditions. It will both facilitate and be contingent on Summit completing its recently announced merger with CityMD, an urgent care platform with significant scale in the New York/New Jersey metropolitan area.
“The merger of Summit Medical and CityMD is the latest example of how Welltower is facilitating and financing new models in health care delivery,” said Thomas J. DeRosa, Welltower’s chairman and CEO.
Pictured: Thomas J.DeRosa
For comments, questions or concerns, please contact Paul Bubny