WATERTOWN — Local developer Michael E. Lundy has sold two of his properties to physician practices at Washington Summit on outer Washington Street in the town of Watertown.
In a press release Monday, Mr. Lundy, Washington Summit Associates managing partner, in conjunction with Pediatric Associates of Watertown, and Family Medicine of Northern New York, announced the purchase of each practice’s medical office buildings.
According to Jefferson County real property records, Pediatrics Associates of Watertown acquired its property for $1.64 million, while Family Medicine of Northern New York purchased its property for $4 million.
Dr. Stephanie Oliva, Pediatric Associates of Watertown, 20011 Summit View Boulevard, moved into their new offices in Washington Summit in 2016.
The new medical office building was designed specifically to meet its growth needs and assist in providing patient care.
With the continued success of the practice, the timing is right to purchase the building, according to the press release.
The second medical office building, located at 20053 Summit View Boulevard, known as La Sur, has been purchased by Dr. Jill Laureano-Surber, Family Medicine of Northern New York.
Opened in 2018, the multi-specialty medical building is occupied by Family Medicine, Warner Physical Therapy, Watertown Hearing Aid Center, NNY Medical Massage and the satellite location for Eye Plastic & Reconstructive Surgeons of Central New York.
The two medical practices said they were able to use a lease/purchase option that provided credits from its monthly lease to acquire the building.
Mr. Lundy said he worked with both medical practices to design and build new offices that met the exact needs of their growing medical practices in modern energy-efficient facilities. The lease/purchase option made the acquisitions possible, Mr. Lundy added.
“We are very pleased to complete the vision and process we began when we first talked about their new offices,” he said.
Established in 2005, Washington Summit Medical and Professional Complex consists of a mixture of 10 buildings, 16 practices, over 500 employees and treats over 25,000 patients annually.
Its 52 acres offers a campus-style setting that includes generous parking and open green space, Green Technology buildings and comfortable, convenient atmosphere for both the patients and the staff.