Major Real Estate Sale Closed in Erie, PA
Tuesday, July 31, 2007
Prudential CRES Regional Sales Manager Facilitates Landmark Deal
Prudential CRES announces major Erie, PA, real estate sale
-- results in Erie Bayfront expansion plans
Erie, PA – July 31, 2007 - The Lake Erie College of Osteopathic Medicine has purchased the Erie bayfront headquarters of RentWay Corporation. LECOM paid $4.26 million for the three-story, 73,000-square-foot, class A office building and nearly 16 acres of waterfront property.
The landmark sale was facilitated by Sherry Bauer, Associate Broker and Commercial Sales Manager for Prudential CRES Commercial Real Estate.
“Sherry did a tremendous job in promoting the property to several potential buyers, and ultimately secured a deal that is great for both parties and the Erie community,” said Tom Kennedy, owner and broker of Prudential CRES Commercial Real Estate.
The property also includes a 2000-square-foot caretaker’s house, 234 paved parking spaces and access to Presque Isle Bay. The location has easy access to the Erie Bayfront Parkway and Interstate 79.
The College will use the building to house offices and classrooms for expanding post-graduate programs, education research and clinical services.
“This building is move-in ready,” said LECOM President John M. Ferretti, D.O., noting that the college will begin occupying the facility this fall. “The building is furnished and equipped with technology that’s appropriate for this day and age in medical education.”
LECOM Chairman of the Board of Trustees, Michael Visnosky, Esq., said, “This is a continuation of LECOM’s commitment and investment in the city of Erie that began in 1992 with the opening of the college of osteopathic medicine, later the school of pharmacy and more recently the Plaza 18 medical teaching center in Little Italy.”
The LECOM Graduate Studies Program will move to the bay front campus where the college will conduct classes for the Master of Science in Medical Education. The facility also will provide class space for future graduate degrees.
The Lake Erie Consortium for Osteopathic Medical Training (LECOMT), which oversees LECOM intern and residency programs, will relocate from the West Grandview Boulevard campus to the bayfront. LECOMT started with one teaching hospital in 1998 and now works with 30 hospitals in seven states training more than 600 new physicians each year.
The corporate offices of Medical Associates of Erie (MAE), LECOM’s physician practice plan, will also occupy part of the building. MAE manages physician offices throughout Erie County providing medical specialties that include: Family Practice, Orthopedics, Obstetrics & Gynecology, Ophthalmology, Internal Medicine, Pediatrics, Geriatrics and General Surgery.
In addition to LECOM and its affiliates, Vantage Health Care will be the first tenant in the building. According to Vantage CEO Jerry Allonge, “Vantage is pleased to be working with LECOM in the role of managing the building and as the first tenant in what will be an ideal location for office space. Our intent is to locate our telecom technology center here and to have access to space to support our growth. This expands our presence in Erie and we look forward to growing with Erie in the future."
The building had been previously occupied by Zurn Corporation and RentWay since the 1970s.
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