From Church to MOB in Queens
Regent Medical Properties LLC plans to replace the 20,803-square-foot building in Flushing, N.Y., purchased for $19 million, with a 12-story, mixed-use medical office building.
By Ariela Moraru
13525 Northern Blvd., Flushing, N.Y.
Regent Medical Properties LLC on behalf of Hajjar Medical Office Building of Flushing LLC acquired a 20,803-square-foot building in Flushing, N.Y., for $19 million from Calvary World Mission Church. The company plans to develop a 12-story medical office building with an ambulatory surgery center and street-level commercial space. Case Real Estate Capital provided $16 million in acquisition and pre-development financing.
Well-connected asset
Calvary World Mission Church is located at 13525 Northern Blvd. Hajjar plans to demolish the existing structure and replace it with a 98,000-square-foot, mixed-use medical office facility, which will include parking and other ancillary uses. The property offers easy access to Interstate 678 and Flushing Main Street station. The asset is less than a mile from The Shops at SkyView Center and various retail amenities and slightly over a mile from Flushing Hospital Medical Center and New York-Presbyterian/Queens Hospital.
Cole Schotz P.C. advised Regent Medical on behalf of Hajjar Medical Office Building of Flushing LLC in the acquisition. The firm has also represented Regent and Hajjar on numerous other projects, including a $91.5 million medical portfolio financing in 2016 and an ongoing redevelopment project on West 51st Street in Manhattan.
Image via Google Earth
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