Press Releases
Marcus & Millichap Arranges $12.65 Million Sale of Medical Office in Northeast Pennsylvania
February 18, 2025
EAST STROUDSBURG, Pa., Feb. 18, 2025 – Marcus & Millichap (NYSE: MMI), a leading commercial real estate brokerage firm specializing in investment sales, financing, research and advisory services, announced today the sale of St. Luke’s Health Center, a 40,000-square-foot outpatient facility at 125 Smithfield Ln., East Stroudsburg, Pennsylvania, for $12,650,000.
“Credit-tenant net leases with 10-plus years of lease term attract buyers on a national scale looking for durable, predictable cash flow,” said Alan Cafiero, senior managing director, investments. “This asset was no exception, as we had multiple offers from across the country, with the eventual buyer coming from the West Coast.”
Cafiero had the exclusive listing to market the property on behalf of the seller and procured the buyer.
Located in the 120-acre Smithfield Gateway mixed-use development, the property is one minute from Interstate 80, near Lehigh Valley Hospital-Pocono and St. Luke’s Hospital-Monroe Campus. The area benefits from 30 million annual visitors and a strong local healthcare presence. The tenant has invested more than $3 million in the buildout, and the lease includes about 13.5 years remaining with two five-year renewal options.
“Credit-tenant net leases with 10-plus years of lease term attract buyers on a national scale looking for durable, predictable cash flow,” said Alan Cafiero, senior managing director, investments. “This asset was no exception, as we had multiple offers from across the country, with the eventual buyer coming from the West Coast.”
Cafiero had the exclusive listing to market the property on behalf of the seller and procured the buyer.
Located in the 120-acre Smithfield Gateway mixed-use development, the property is one minute from Interstate 80, near Lehigh Valley Hospital-Pocono and St. Luke’s Hospital-Monroe Campus. The area benefits from 30 million annual visitors and a strong local healthcare presence. The tenant has invested more than $3 million in the buildout, and the lease includes about 13.5 years remaining with two five-year renewal options.
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About Marcus & Millichap, Inc. (NYSE: MMI)
Marcus & Millichap, Inc. is a leading brokerage firm specializing in commercial real estate investment sales, financing, research and advisory services with offices throughout the United States and Canada. As of December 31, 2024, the company had 1,712 investment sales and financing professionals in over 80 offices who provide investment brokerage and financing services to sellers and buyers of commercial real estate. The company also offers market research, consulting and advisory services to clients. Marcus & Millichap closed 7,836 transactions in 2024, with a sales volume of approximately $49.6 billion. For additional information, please visit www.MarcusMillichap.com.
