Sendero, Angelo Gordon Make 1st JV Acquisition

1952 Whitney Ave. Image courtesy of CommercialEdge

Sendero Capital and Angelo Gordon have acquired 1952 Whitney Ave., a 53,120-square-foot medical office building in Hamden, Conn. Water Street Properties sold the Class B asset for $8.9 million, according to New Haven County records. JLL represented the buyer.

This is the first purchase of the buyers’ joint venture that was announced in the beginning of this month. The partnership will invest up to $300 million in outpatient real estate over the next two years.

Over a 12-month period ending in July, 31 medical office properties totaling 302,000 square feet have changed hands in the Bridgeport New Haven market, according to CommercialEdge data. Transactions amounted to $68.8 million.

READ ALSO: Why MOBs Offer Healthy Investor Appeal

The property previously traded in 2019, when Water Street bought the facility from Fusco for $6.3 million, with the help of a $5.1 million loan provided by Bankwell Bank, CommercialEdge data shows.

The four-story building came online on roughly 3 acres in 1977 and underwent cosmetic renovations in 2018. The facility has two passenger elevators, controlled access, 162 parking spaces, with one floor of the building located underground. Services provided feature internal medicine, cardiology, endocrinology, dermatology, physical therapy and podiatry.

88 percent leased at the time of sale

Anchored by Hartford Healthcare and Yale New Haven Health, the property was 88 percent leased at the time of sale. The tenant roster also includes Dermatology Physicians of Connecticut and Internal Medicine of Greater New Haven, among others.

The facility is less than 5 miles from downtown New Haven, between Route 15 and Interstate 91. CrossRoad Medical Center, Hamden Surgery and Medical Center and Greater New Haven OB/GYN are some of the area’s medical providers.

A JLL Capital Markets team, led by Managing Director Brannan Knott and Director Anthony Sardo, represented the buyer.