Gyrodyne REIT acquires medical center

Deal valued at $7 million

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Gyrodyne company of America Inc., a Long Island-based real estate investment trust, has acquired the Cortlandt Manor Medical Center in Northern Westchester County, N.Y., for $7 million.

M&T Bank provided $5.25 million in financing for the purchase of the 29,811-square-foot medical center, which has 13 tenants and is 97 percent leased. The center, at 1985 Crompond Road, sits on five acres. Gyrodyne was able to secure a cap rate of 9.8 percent for the purchase, and orchestrated the sale in-house. Gyrodyne orchestrated the sale in-house. David Wald, property manager and leasing agent for the seller, brokered the transaction on the seller’s behalf.

The deal represents the second medical office property purchase since Gyrodyne converted to a REIT. Last year, Gyrodyne bought the 10-building Port Jefferson Professional Park in Port Jefferson, N.Y.