New England Medical Office Building Commands $23M

Cross Street Medical Center (Yardi Matrix)

NKF recently announced closing the sale of Cross Street Medical Center, on behalf of Marcus Partners. The Norwalk, Ct. medical office property located at 40 Cross St. commanded $23 million and was purchased by Anchor Health Properties.

The 69,131-square-foot building is one of Fairfield County’s premier multi-tenant medical office properties, with over 100 physicians practicing on the premises, and major tenants including Norwalk Surgery Center/Norwalk Hospital, St. Vincent’s MultiSpecialty Group, WestMed (formerly Norwalk Medical Group), and the Center for Advanced Pediatrics.

Cross Street Medical Center (Yardi Matrix)

Centrally positioned in Norwalk’s West Avenue medical corridor, the 4-story property is directly off Route 7’s exit 1 interchange, and within walking distance to the Norwalk Hospital campus. Cross Street Medical Center offers best-in-class medical office and outpatient surgery center space, and benefits from direct access to multiple retail, restaurant and banking amenities.

Marcus Partners purchased the asset in 2013 for $13 million and proceeded to invest in capital improvements, which included Class A finishes to the lobbies and common areas, updated elevator controls, new granite exterior entrance walkways and curbs, new signage and landscaping.

NKF Senior Managing Director Michael Greeley stated that over 10 of the country’s most active medical office investors competed for this asset. “With immediate highway access and a strategic position near Norwalk Hospital, Cross Street Medical Center serves one of Connecticut’s strongest patient demographics. Investors recognized an opportunity to acquire a well-established medical office building that is widely known by physicians and patients alike,” Greeley added.