Seavest sells two medical office buildings totaling 64,065 s/f for $11 million

520 Saybrook Road - Middletown, CT

Middletown, CT Seavest Healthcare Properties LLC sold its two medical office buildings (MOBs) at the Middletown Medical Complex. After 6 years of ownership, the assets were acquired by Healthcare Trust of America Inc., a public real estate investment trust (REIT). The transaction resulted from an unsolicited offer for the extensively renovated and improved MOBs totaling 64,065 s/f at 520 and 540 Saybrook Rd. The Middletown campus features five buildings and is affiliated with the successful, nearby 275-bed Middlesex Hospital.

Seavest Healthcare Properties acquired the properties in 2010. While under Seavest’s care, the MOBs underwent extensive exterior and interior renovations including all new windows, and common area renovations to the buildings’ lobbies, hallways, and restrooms. Seavest also upgraded the buildings’ systems to handle the requirements of modern medical practices.

Middletown Medical Complex is an outpatient location with medical providers in the Middletown area. The hospital owns and operates surgery, outpatient, and cancer center care centers at the Campus and leases about 47% of the space in the MOBs. The remainder is leased by multiple independent physician practices, including pediatric/adolescent and vascular care providers.