NEW YORK (June 24, 2014)– Capital Square Realty Advisors, LLC announced today that an affiliate of the company has acquired a 17,714-square-foot medical office building in the New York hamlet of Merrick on Long Island. The facility is 100 percent leased on a long-term basis to Orlin & Cohen Orthopedic Group.
“This is an exceptionally well located medical office building that is 100 percent leased to the largest private orthopedic practice in New York State,” said Louis Rogers, founder and chief executive officer of Capital Square Realty Advisors. “It’s strategically located within 16 miles of nine area hospitals, and is surrounded by densely populated residential neighborhoods on Long Island.”
The two-story medical office building, which was completely renovated in 2009, is located at 1728 Sunrise Highway and includes: multiple waiting rooms; 12 examination rooms; five patient consultation rooms; an x-ray room; fluoroscopy suite; newly refurbished MRI suite and six private offices. The property is easily accessible along Sunrise Highway, as well as via Southern State Parkway, Northern State Parkway and the Long Island Expressway. It can also be reached via the Long Island Rail Road and Nassau Inter-County Express bus system.
Capital Square is focused on the acquisition of medical office buildings leased by leading medical practices. The demographics are very strong for healthcare-related real estate due to an aging population and the Affordable Care Act. This is Capital Square’s second acquisition of a medical office building, with many others in the acquisition pipeline.
About Capital Square Realty Advisors LLC
Capital Square Realty Advisors, LLC specializes in the creation and management of commercial real estate investment programs for Section 1031 exchange investors and other investors using the Delaware Statutory Trust structure. Louis J. Rogers, founder and chief executive officer of Capital Square Realty Advisors, has been involved in the creation and management of more than 100 investment offerings totaling over $3 billion, including DST, tenant-in-common, numerous real estate funds, and multiple publicly registered non-traded real estate investment trusts.