Newmark has successfully represented Marcus Partners in the sale of Cross Street Medical Center at 40 Cross Street in Norwalk, Connecticut to Anchor Health Properties for $23 million. Executive Managing Director Frank Nelson, Managing Director Michael Greeley and Associate Danielle DeMarco of Newmark’s Boston Medical-Academic Practice Group, which is led by U.S. Head of Capital Markets Robert Griffin, oversaw the transaction of the premier medical office building.
Totaling 71,401 square feet, Cross Street Medical Center is anchored by the Norwalk Surgery Center/Norwalk Hospital, St. Vincent’s MultiSpecialty Group, WestMed (formerly Norwalk Medical Group) and the Center for Advanced Pediatrics, complemented by a high-performing roster of private medical practices and diagnostic laboratories.
“With immediate highway access and a strategic position near Norwalk Hospital, Cross Street Medical Center serves one of Connecticut’s strongest patient demographics,” said Greeley.
With more than 100 physicians practicing within the building, Cross Street Medical Center is one of Fairfield County’s premier multi-tenant medical office buildings. According to Greeley, more than 10 of the nation’s most active medical office investors pursued the asset in a competitive process.
“Investors recognized an opportunity to acquire a well-established medical office building that is widely known by physicians and patients alike,” said Greeley. “We congratulate Anchor Health Properties on its most recent New England acquisition.”
About Marcus Partners
Marcus Partners is a value-oriented real estate investor, developer and operator based in Boston, Massachusetts, with additional offices in Metro New York and Washington, D.C. The firm, which has approximately 40 employees, invests in real estate and related assets through its fully discretionary $250 million Marcus Capital Partners Fund II, L.P., pursuing a mix of strategic and opportunistic investments. It currently owns and/or manages a diversified portfolio that includes approximately 6.5 million square feet of office, mixed use, medical office, R&D/laboratory, warehouse and industrial properties located along the East Coast. For more information about Marcus Partners, please visit www.marcuspartners.com.
Newmark is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 15,000 professionals operate from more than 400 offices in established and emerging property markets on six continents.
With roots dating back to 1929, Newmark’s strong foundation makes it one of the most trusted names in commercial real estate. Newmark’s full-service platform comprises BGC’s real estate services segment, offering commercial real estate tenants, landlords, investors and developers a wide range of services including leasing; capital markets services, including investment sales, debt placement, appraisal, and valuation services; commercial mortgage brokerage services; as well as corporate advisory services, consulting, project and development management, and property and corporate facilities management services. For further information, visit www.ngkf.com.
Newmark is a part of BGC Partners, Inc., a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol (NASDAQ: BGCP). BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol (NYSE: BGCA). BGC Partners is led by Chairman and Chief Executive Officer Howard W. Lutnick. For more information, please visit www.bgcpartners.com.