Wilmington, DE (August 10, 2015) – Patterson-Woods Commercial Properties/CORFAC International, a leading full-service commercial real estate provider serving the Mid-Atlantic market, today announced the completion of the sale of a nursing home facility, Liberty Nursing & Rehabilitation Center, located in Allentown, PA. The four-story property measures 43,420 square feet.
The property was sold by Liberty Allen Square, LLC to Owl's Next Properties, LLC, a 1031 exchange-triple net investor with investments in the greater Wilmington, DE area, for $4.65 million. The buyer's firm had previously focused on management of multifamily residential rental properties, smaller apartment complexes and commercial offices.
Chris Moore, a sales and leasing agent with Patterson-Woods, represented the buyer in this transaction. The buyer was referred to Moore by John Osborn of Patterson-Osborn Exchange Services, a firm with 30 plus years of experience in 1031 Exchange transactions. Feinberg Real Estate Advisors, LLC represented the seller.
The facility, built in 1969, will remain a nursing home. It will continue to be leased by Health Care and Retirement Corp. of America, a division of Manor Care. This purpose-built facility has gone through several rounds of upgrades, including interior remodeling, HVAC replacement, and conversion of one floor into a specialized care unit focusing on respiratory and tracheotomy patients with an advanced oxygen supply system.
"This Allentown, PA investment fit nicely with the desire of our client to move his investment dollars from his intensive, self-managed properties, to a lower impact real estate investment, backed by a well executed 20+ year lease with a high quality tenant," said Moore.
About Patterson-Woods Commercial Properties/CORFAC International:
Patterson-Woods Commercial Properties/CORFAC International is a leading commercial real estate services firm specializing in the Mid-Atlantic commercial property markets. We have been providing the most complete selection of commercial real estate services to the communities of Delaware, Maryland and Pennsylvania for over 40 years. Patterson-Woods Commercial Properties is a second generation company well known for facilitating solutions to the needs of the business community and developers of real property. For more information on Patterson-Woods/CORFAC International, contact the company's Wilmington, Delaware headquarters at 302-622-3500 or visit www.pattersonwoods.com
About CORFAC International
CORFAC International (Corporate Facility Advisors) is comprised of privately held entrepreneurial firms with expertise in office, industrial and retail real estate leasing and investment sales, multifamily property acquisitions and dispositions, property management and corporate services. In association with global affiliates, CORFAC International offers commercial real estate services with market reach in 48 countries worldwide. Founded in 1989, CORFAC firms completed more than 10,000 lease and sales transactions totaling approximately 400 million square feet of space valued in excess of $7.4 billion in 2014. For more information on the CORFAC network, visit www.corfac.com
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