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- LoopNet Team
752 Brookshire Dr
Hermitage, PA 16148
Lee Eye Center - Oakmont Professional Center · Office Property For Sale
Investment Highlights
- CORPORATE TENANT Midwest Vision Partners, a dominant operator of 57 practice offices, recently acquired all of Lee Eye Center’s locations
- FRESH LEASE As part of the acquisition of Lee Eye Center, Midwest Vision Partners executed a fresh 5-year lease, demonstrating their commitment
- STRATEGIC LOCATION The property is strategically located in immediate proximity to the UPMC Horizon, driving value and growth in the area
- PASSIVE INVESTMENT With a properly structured lease and active association, the new owner will have no management or maintenance responsibilities
- INTEGRAL OPERATION The property functions as one of Lee Eye’s five practice locations, serving patients in the northern Ohio River Valley
- RESILIENT Despite the worldwide pandemic, the practice’s 2020 and 2021 patient visits are in line with pre-COVID years, demonstrating stability
Executive Summary
ERE Healthcare Real Estate Advisors (“ERE Advisors”) is the exclusive advisor in the sale of Lee Eye Center – Hermitage, a 100% occupied 6,000 SF medical office condominium leased to a dominant ophthalmic operator. Lee Eye Center – Hermitage is located in Hermitage, Pennsylvania and part of the Ohio River Valley, positioned at the junction of Interstates 80 and 79, providing excellent access to the area from Cleveland, Eerie, and Pittsburgh. The property is located just off of Hermitage Road, the primary north-south corridor in the region and surrounded by national retailers, including Walmart Supercenter, Harbor Freight Tools, Aspen Dental, Dairy Queen, Chipotle, Starbucks, Home Depot, Kohl’s, Lowe’s, Walgreen’s, Advance Auto Parts, and more. The property is part of the Hermitage and Oakmont medical and professional parks, enhancing the appeal of the asset as a destination for medical care given it’s proximity to other complementary uses. The location is operated as Lee Eye Center, a dominant regional player in eye care services, and functions as one of the practice’s five locations. In June of 2022, Lee Eye Center was acquired by Midwest Vision Partners (MVP), enhancing the operational prowess and financial strength of the tenant. At the same time, MVP executed a new 5-year lease, demonstrating their commitment to the location.Upon closing of the transaction the selected purchaser will assume the existing 5-year NNN lease, which features 2.5% annual rental escalations and a current NOI of $120,000
PROPERTY FACTS
| Property Type | Office | No. Stories | 1 |
| Property Subtype | Medical | Year Built | 1994 |
| Building Class | B | Parking Ratio | 6.67/1,000 SF |
| Lot Size | 1.62 AC | APN / Parcel ID | |
| Rentable Building Area | 6,000 SF |
| Property Type | Office |
| Property Subtype | Medical |
| Building Class | B |
| Lot Size | 1.62 AC |
| Rentable Building Area | 6,000 SF |
| No. Stories | 1 |
| Year Built | 1994 |
| Parking Ratio | 6.67/1,000 SF |
| APN / Parcel ID |
Amenities
- Signage
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