Matthews Closes Sale of Hartford-Area MOB at Record Cap Rate

Matthews completed the sale of ProHealth Physicians of Bristol, located at 1251 Farmington Ave. in the Hartford suburb of Bristol, CT. SVPs & senior directors Rahul Chhajed, Michael Moreno and VP and director Tyler Swade represented the buyer, a private retail-oriented fund, in the $19,911,000 transaction. The seller was the developer, which reportedly secured a record-breaking cap rate in the upper 5% range.

Constructed in 2025 and operated by UnitedHealthcare, the facility features 45 examination rooms equipped for primary care, imaging, and phlebotomy. Positioned within a larger master development alongside adjacent retail properties, the 26,000-square-foot property features a brand-new, 12-year triple-net lease.

“This property transaction solidifies that high-quality credit-rated assets continue to command competitive pricing. In the healthcare space today, new construction assets are scarce,” said Chhajed. “When you couple that with substantial lease credit and premier tenancy, ‘core money’ is at the most aggressive levels we’ve seen over the past 24 months.”

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