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Matthews Closes Sale of ProHealth Physicians Facility in Hartford Suburb at Record Cap Rate
Matthews has completed the sale of ProHealth Physicians of Bristol, a newly constructed medical office building located at 1251 Farmington Avenue in Bristol, Connecticut, a suburb of Hartford. The sale closed at $19,911,000, with the buyer being a private retail-oriented fund. The seller, the original developer of the property, is reported to have achieved a record-breaking capitalization rate in the upper 5% range.
The transaction was brokered by Matthews senior vice presidents and directors Rahul Chhajed and Michael Moreno, along with vice president and director Tyler Swade, who represented the buyer in the deal.
Completed in 2025, the 26,000-square-foot facility is operated by UnitedHealthcare and is outfitted with 45 examination rooms to support a range of medical services including primary care, imaging, and phlebotomy. Positioned within a larger mixed-use master development that also includes retail properties, the facility is backed by a brand-new, 12-year triple-net lease.
“This property transaction solidifies that high-quality credit-rated assets continue to command competitive pricing. In the healthcare space today, new construction assets are scarce,” said Chhajed. “When you couple that with substantial lease credit and premier tenancy, ‘core money’ is at the most aggressive levels we’ve seen over the past 24 months.”
This sale underscores a continued demand for investment-grade healthcare real estate, particularly assets with strong tenants, long lease terms, and modern construction.
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