INVESTMENT HIGHLIGHTS
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Brand New, NNN-Leased Asset
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Purpose-Built, Class A Medical Outpatient Building
100% Leased to Investment Grade Health System (Moody’s: ‘A3’)
EXECUTIVE SUMMARY
Berkadia Medical & Life Sciences is pleased to exclusively present St. Luke’s Smithfield Health Center, (the “Property”) a new multi-specialty medical outpatient building located in the Poconos, in northeastern Pennsylvania, 75 miles west of New York City. Completed in 2023, the 40,000 SF, two-story facility is 100% leased to St. Luke’s University Health Network (“SLUHN”), an investment grade-credit health system (Moody’s: ‘A3’), with 13.9 years remaining on its original 15-year term.
With the closest St. Luke’s Hospital, St. Luke’s Monroe, located 7 miles to the west, and Lehigh Valley Hospital Poconos positioned east of that, the Property is strategically positioned to ‘block’ the competing health system’s growth into the northeastern Pennsylvania markets.
Given its long-term lease, the presence of the region’s dominant investment grade-credit health system, and its new construction, St. Luke’s Smithfield Health Center presents an attractive investment opportunity for institutional, regional, and national 1031-exchange buyers.
The Property is offered fee simple and free and clear of existing debt.
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Smithfield Gateway,
East Stroudsburg
Smithfield Gateway is a new 120-acre, 500,000 SF phased development located in the Smithfield Township of Northeastern Pennsylvania. Upon completion, the project will include 320,000 SF of retail, 100,000 SF of commercial/medical space, 500 multifamily units, and a 30,000 SF grocery store. Developed by DEPG, Smithfield Gateway is located off Route 209 & Route 447 with immediate access to Interstate 80. The surrounding community and traffic will benefit from the development through a $14M road improvement project expanding Route 209 to a five-lane highway. A new loop road will also be built to decrease traffic congestion along Route 447.
TENANCY OVERVIEW -
st. luke's health network, inc.
Founded in 1872, St. Luke’s University Health Network (SLUHN) is a fully integrated, regional, non-profit network of more than 19,500 employees providing services at 15 campuses and 350+ outpatient sites. With annual net revenue of ~$3 billion, SLUHN has held an ‘A3’ credit rating from Moody’s since 2021. The health system’s service area includes 11 counties in two states: Lehigh, Northampton, Berks, Bucks, Carbon, Montgomery, Monroe, Schuylkill and Luzerne counties in Pennsylvania and Warren and Hunterdon counties in New Jersey. St. Luke’s hospitals operate the largest network of trauma centers in Pennsylvania, with the Bethlehem Campus being home to St. Luke’s Children’s Hospital.
THE ASSET
GALLERY
1234 Lorem Ipsum Avenue – Washington, DC 10001
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125 Smithfield Lane | East Stroudsburg, Pennsylvania
2023
BUILT
40,000
SQ FT
100%
LEASED
The Opportunity
The Asset
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Matthew Stefanski
Senior Managing Director
215 328 1339
matthew.stefanski@berkadia.com
pennsylvania brokerage
SABRINA SOLOMIANY
Senior Managing Director
404.536.5054
sabrina.solomiany@berkadia.com
CHRIS LASHMET
Managing Director
847.209.0425
chris.lashmet@berkadia.com
eric lee
Managing Director
763.226.8563
eric.lee@berkadia.com
christopher meyer
Analyst
404.654.2341
christopher.meyer@berkadia.com
medical & life sciences
CONTACT US
Berkadia®, a joint venture of Berkshire Hathaway and Jefferies Financial Group, is an industry leading commercial real estate company providing comprehensive capital solutions and investment sales advisory and research services for multifamily and commercial properties. Berkadia® is amongst the largest, highest rated and most respected primary, master and special servicers in the industry. This advertisement is not intended to solicit commercial mortgage loan brokerage business in Nevada.
© 2023 Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Berkadia® and Berkadia Commercial Mortgage® are trademarks of Berkadia Commercial Mortgage LLC. Investment sales and real estate brokerage businesses are conducted exclusively by Berkadia Real Estate Advisors LLC and Berkadia Real Estate Advisors Inc. Commercial mortgage loan origination and servicing businesses are conducted exclusively by Berkadia Commercial Mortgage LLC and Berkadia Commercial Mortgage Inc. Tax credit syndication business is conducted exclusively by the Tax Credit Syndication group. For state licensing details for the above entities, visit: https://www.berkadia.com/licensing/.
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Strategically Positioned for Health System’s Path of Growth
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Synergistic Mix of Specialties
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Located in Growth Corridor between Philadelphia & New York City
patrick abeln
Director
320.583.2914
patrick.abeln@berkadia.com
mortgage banking