Marcus & Millichap arranges $4.2 million sale of medical office property

Bronx, NY Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, have completed the sale of a net-leased DaVita Dialysis property situated in the New York MSA for $4.2 million. 

“This property has been in the seller’s family since the 1950s, making it a particularly meaningful transaction,” said Daniel Chumbley. “After being home to their family business for decades, the site was redeveloped for DaVita Dialysis in 1995 and has served the community’s healthcare needs ever since. We received multiple offers above list price within just 10 days on the market, highlighting the strong demand for well-located healthcare assets.” 

Chumbley, Sean Sharko and Austin Weisenbeck, investment specialists in Marcus & Millichap’s Chicago Oak Brook office, had the exclusive listing to market the property on behalf of the seller, a multi-generational family corporation, and procured the buyer, a New York City-based group. John Horowitz is the firm’s broker of record in New York. 

“The buyer sees a clear opportunity to reposition the unused portion of the building, and we expect continued interest in similar properties as healthcare real estate remains a resilient and attractive investment, particularly in dense, supply-constrained markets like New York City,” added Chumbley. 

The 14,110 s/f property is located at 1615 Eastchester Road in the Bronx, in a busy medical corridor near five major hospitals. DaVita Dialysis has operated at the site since 1995 and runs a high-volume clinic six days a week. The lease is backed by a corporate guarantee and has more than four years remaining. It is near public transit, several universities and a large Amazon distribution center.