A New York investor has paid $4.8 million for two medical office buildings in the sprawling Middletown Medical Complex that is partially owned by Middlesex Hospital, authorities say.
Seavest Inc. closed Nov. 10 on its purchase of 520 and 540 Saybrook Road, which are part of the five-building Middletown Medical Complex, according to Seavest and city land records.
Seavest acquired the pair of two-story buildings, totaling 63,933 square feet, from a limited partnership and signed a 75-year ground lease with Middlesex Hospital for the underlying land.
Terms of the lease were not immediately available.
The 33,482-square-foot 520 Saybrook Road building is 92 percent leased. The, 30,451 square foot 940 Saybrook Road structure is 96 percent leased, Seavest said.
Middlesex Hospital leases and occupies about a quarter of the combined space in both buildings, with the rest leased to medical practitioners.
The remaining three buildings in the satellite outpatient campus are owned by Middlesex Hospital, and they include outpatient, cancer and surgery facilities.
