Avison Young Closes Medical Office Sale In New Haven

NEW HAVEN, CT - From Avison Young: Sean Cahill, Principal and Managing Director of Avison Young’s Fairfield/Westchester office, announced the sale of 1423 Chapel Street in New Haven. Principal Sean McDonnell and Senior Associate Christopher Grundy led the Avison Young team in negotiations for the sale to Elm City Medical, LLC.

The purchase includes 16,000 square feet of medical office condominiums.1423 Chapel
Condominium Association sold the property to Elm City.

The building is situated directly across from the main entrance to Yale New Haven Hospital’s St.
Raphael Campus. Elm City Medical intends to renovate the building and modernize it to meet
the needs of the current medical office market.

“The New Haven medical office market is very tight, with few availabilities within close proximity
to major hospitals,’’ Grundy said. “Although many investors in New Haven are converting
commercial buildings to residential, the new ownership at 1423 Chapel sees the rare
opportunity to renovate an existing medical office building and bring it up to the latest
standards.”

McDonnell and Grundy used their expertise in the medical office space and the New Haven
submarket to identify several prospective buyers and to meet the needs of the physicians who
collectively owned the building. One tenant, New Haven Dental Associates, has already
expressed plans to remain at the location.