Kleinberg of Tri-State Properties brokers $6.2 <br>million sale of Wading River Medical Center

Wading River, NY Ron Kleinberg, president of Tri-State Properties, brokered the sale of the Wading River Medical Center.

The sale price was $6.2 million.

The four, one-story buildings totaled 30,000 s/f on 4.14 acres with 180 parking spaces. The building was 94% occupied at the time of the sale, anchored by healthcare providers, Zwanger Pesiri, Northwell, and St. Charles Hospital.

According to Kleinberg, “Today, medical buildings are more in demand from investors, often outperforming other commercial sectors like traditional office, that can be more mercurial in economic downturns. The cost of building out medical infrastructure — specialized plumbing, ventilation and radiology shielding — is significantly elevated than that of typical office spaces, reinforcing tenants to commit to longer primary lease durations (7-10 years).”

Kleinberg said, “Medical tenants are increasingly migrating to the East End of Long Island to be closer to patients who no longer commute to NYC. With an aging population, demand for medical facilities is expected to rise in suburban locations, as remote/hybrid work continues post-pandemic.”