Vehicle IV
St. Lukes Medical -Towers I & II
St. Luke’s Medical Towers
Total Square Footage: 202,000 SF
Acquisition Date: April 2022
Unrealized
St. Luke’s Medical Towers was recently purchased with an impaired ground lease. Alongside closing the real estate, Altera negotiated a ground lease extension. The property is undergoing renovations throughout the buildings and parking garage.
Middleburg Medical Center/SW General MOB
Middleburg Medical Arts I & II
Total Square Footage: 55,000 SF
Acquisition Date: February 2022
Unrealized
Middleburg Medical Arts I & II are situated adjacent to the Southwest General Medical Campus (Middleburg Medical Center). With visibility along a major corridor outside of Cleveland, the buildings are well positioned to attract tenants and building value.
Med Arts I & II
Middleburg Medical Arts I & II
Total Square Footage: 55,000 SF
Acquisition Date: February 2022
Unrealized
Middleburg Medical Arts I & II are situated adjacent to the Southwest General Medical Campus (Middleburg Medical Center). With visibility along a major corridor outside of Cleveland, the buildings are well positioned to attract tenants and building value.
Legacy Oaks Medical Campus
Legacy Oaks Medical Campus
Total Square Footage: 232,000 SF
Acquisition Date: February 2022
Unrealized
Rome Towers
Rome Towers
Total Square Footage: 134,000 SF
Acquisition Date: February 2022
Unrealized
Rome Towers has seen exponential leasing velocity since acquisition. Altera recently signed a lease with Phoenix Children’s Hospital, bringing the markets’ most reputable brand into the building.
Dominion Crossing
Dominion Crossing
Total Square Footage: 31,000 SF
Acquisition Date: February 2022
Unrealized
Since acquisition, Dominion Crossing has been brought to 100% occupancy. Altera continues to work alongside their local contact and tenants to maintain the relationships and tenancy.
349 East Northfield
349 East Northfield
Total Square Footage: 53,000 SF
Acquisition Date: SEPTEMBER 2022
Unrealized
349 East Northfield was purchased alongside LVP, at a major discount to current market value due to foreclosure. Although 55% occupied at purchase, hands on ownership will be able to attract and retain tenants while rebuilding their relationships and improving the state of the building.
LVP
LVP
Total Square Footage: 39,000 SF
Acquisition Date: NOVEMBER 2022
Unrealized
Livingston Professional Medical (LVP) was purchased alongside 349 E Northfield, at a major discount to current market value due to foreclosure. LVP is a unique, class A building in Maplewood, New Jersey.
769 Northfield
769 Northfield
Total Square Footage: 75,000 SF
Acquisition Date: October 2019
Unrealized
In Q4 2019, Altera acquired the sheriff’s deed from Bank of China (BOC) related to a 75,000 SF medical office building located 2 blocks from the St. Barnabas Medical Center in West Orange. This acquisition was related to a foreclosure action by the BOC that was under appeal, resulting in an acquisition price substantially below replacement cost in an infill location.
Altera intends to take the building largely back to shell condition, replace all mechanical and electrical systems, and replace the skin of the building and windows. The net result will be a Class A medical office building offering the only block of space in excess of 25,000 SF in an infill market that has historically seen large medical users, including St. Barnabas, lease large blocks of space in close proximity to the hospital.