Matthews Closes Sale of Hartford-Area Medical Office at Record Cap Rate
Matthews Real Estate Investment Services has announced the successful sale of ProHealth Physicians of Bristol, a newly constructed medical office property located at 1251 Farmington Avenue in Bristol, a suburb of Hartford, Connecticut.
The 26,000-square-foot facility was sold for $19.9 million to a private retail-oriented investment fund. The transaction was brokered by Matthews executives Rahul Chhajed, Michael Moreno, and Tyler Swade, who represented the buyer in the acquisition. The property’s developer was the seller, achieving what is reported to be a record-breaking capitalization rate in the upper 5% range for this asset class.
Completed in 2025 and operated by UnitedHealthcare, the building includes 45 state-of-the-art examination rooms and is fully equipped for primary care services, imaging, and phlebotomy. The facility also benefits from a newly signed 12-year triple-net lease and is part of a larger master-planned development that includes adjacent retail components.
“This property transaction solidifies that high-quality, credit-rated assets continue to command competitive pricing,” said Chhajed. “In the healthcare space today, new construction assets are scarce. 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.”
This standout transaction highlights continued investor demand for stable, long-term healthcare assets with strong tenants and credit profiles.
