A medical office building in Bristol that opened in May recently sold for nearly $20 million.
A medical office building in Bristol that opened in May recently sold for nearly $20 million.
The one-story, 26,255-square-foot building at 1251 Farmington Ave. is home to several ProHealth Physicians practices. The building was erected on former farmland and opened to patients on May 19.
ProHealth Physicians is part of Optum and the UnitedHealth Group family of companies.
Matthews, an Arizona-based commercial real estate brokerage, represented the buyer in the all-cash transaction. The brokerage did not identify the buyer, saying in an email only that it is a “private, retail-oriented fund focused exclusively on investment-grade, credit-backed assets.”
The seller was Targeted Endurance Bristol LLC, of Westport and Ponte Vedra, Florida,
which bought 1251 and 1265 Farmington Ave. for $3.28 million from the estates of Douglas and Jeanette Mahannah in a deal recorded March 1, according to city land records.
Matthews said the building is 100% leased to UnitedHealthcare under a new 12-year lease “with strong annual rent increases.”
The building features 45 examination rooms supporting primary care, imaging and phlebotomy, and is located within a larger development alongside retail businesses.
