Multi million dollar deal in Flushing
A new transaction occurred in Flushing. The Calvary World Mission Church sold the building they owned there for $19 million. Regent Medical Properties is the buyer. This company has plans to replace the church building with a medical office facility. This is a real estate management firm based in New Jersey. They specialize in this type of medical office buildings. Regent Medical Properties acted in behalf of Hajjar Medical Office Building of Flushing.
Apparently, the new owner will demolish the current construction and build in its place a medical office property that will span approximately 98,000 square feet. Furthermore, the property will include parking and other amenities. The church is currently listed under the address 13525 Northern Boulevard on Google Maps. Regent Medical Properties and Hajjar Medical received legal advice from Cole Schotz P.C.
This is the last transaction in a long series occurring in Flushing, where the market is very active. Several massive projects are arriving to the area, like Flushing Commons and the Farrington. Furthermore, Triple Star Realty refinanced one of its properties (based at 131-09 39th Avenue) with over $46 million from RWN. In addition. A&E Real Estate Holdings acquired a portfolio made up of seven multifamily buildings also located in Flushing, Queens. This transaction had the price tag of $82.8 million. [The Real Deal]