Manchester Medical Building Sells For $11 Million

MANCHESTER, CT — A commercial building in Manchester has sold for more than $11 million. The 28,925-square-foot medical office property is located at 515 Middle Turnpike West.

Lee & Associates represented the seller, Metro Realty of Farmington, which built the property in 2012. The building was purchased for $11.3 million, which is an approximate yield of 6 percent, according to Lee & Associates.

The buyer was Physicians Realty Trust of Milwaukee, WI, which was represented by Davis Healthcare Real Estate of Minneapolis, MN.

The building at 515 Middle Turnpike West currently has two medical tenants — ProHealth, which is now owned by UnitedHealthcare; and St. Francis Hospital and Medical Center, a member of Trinity Health of New England.

St. Francis has a lease expiring in July 2020, at which time ProHealth will take possession of the space and occupy 100 percent of the building, according to transaction details.