8 Ranoldo Terrace in Cherry Hill — Courtesy: Avison Young
By Joshua Burd
A real estate investment trust has acquired a medical office portfolio in southern New Jersey and Pennsylvania’s Montgomery County, in a newly announced deal by Avison Young.
The buyer, Welltower, paid $22 million for the assets at 8 Ranoldo Terrace in Cherry Hill and 4060 Butler Pike in Plymouth Meeting, Pennsylvania, according to a news release. Avison Young’s Scott Martin represented the buyer and the seller, Mid Atlantic Retina, or Wills Eye Physicians, which is leasing back the portfolio as part of the transaction.
“We are pleased to have worked with two dynamic companies in the national health care sector and proud that Welltower and Mid Atlantic Retina entrusted our regional and sale-leaseback health care expertise to find the right real estate solution to meet their needs,” said Martin, a principal in Avison Young’s Philadelphia office.
Avison Young announced the deal Friday, noting that Mid Atlantic is known as a top retina practice. Welltower, for its part, provides real estate capital to leading senior housing operators, post-acute care providers and health systems.