August 10, 2020
SOLD – COASTAL SPINE MEDICAL CENTER – SEWELL, NEW JERSEY
JH Winokur, Inc. is pleased to announce the closing of a healthcare real estate sale-leaseback transaction for Coastal Spine Medical Center located in Sewell, New Jersey. The physicians of Coastal Spine had purchased the property to redevelop the facility into a clinic for their needs. Coastal Spine is a premier South Jersey Spine Group with four locations and growing. Coastal Spine is an integrated multi-specialty medical practice providing nonsurgical and surgical spine treatment. The practice has offices in Mount Laurel, Sewell, Galloway, Wall Township, and Vineland New Jersey. They focus on minimally invasive solutions to neck, back, and joint pain.
Sewell is part of Washington Township in Gloucester County. The 23.0 square miles Township is home to approximately 48,500 people who live within the communities of Turnersville, Hurffville, Grenloch, CrossKeys, Mayfair, Bunker Hill and Chapel Heights. Gloucester County is located south of Philadelphia and northwest of Atlantic City. It is part of the Camden, New Jersey Metropolitan Division of the Philadelphia, Camden, Wilmington MSA as well as the Delaware Valley CSA.
Upon completing the renovation and opening the clinic, the real estate was sold to a private investor under the terms of a single long-term 15-year absolute NNN master lease. The lease allows the tenant to have future flexibility for its business entities and separate business lines within the building. The rent was not changed as a result of the transaction.
For more information, contact Jason Winokur
