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Remedy Medical Venture Enters Sale-Leaseback for Springfield MOB
CBRE facilitated the sale of the New England Orthopedic Surgeons’ facility, a 61,321-square-foot medical outpatient building (MOB) located at 300 Birnie Ave., Springfield, MA. The buyer was Chicago-based Remedy Medical Properties in a venture with Kayne Anderson Real Estate. Although CBRE did not disclose the price, published reports put it at $27.3 million.
Chris Bodnar, Brannan Knott, Zack Holderman, Cole Reethof, Trent Jemmett and Jesse Greshin of CBRE U.S. Healthcare Capital Markets partnered with Chris Scott of Lincoln Property Company to act as the exclusive advisors to the seller.
“The asset is 100% leased to the market-leading orthopedic surgical practice,” said Knott. “This investor sought to acquire a high-volume medical building leased to a reputable tenant, which they found in the New England Orthopedic Surgeons’ facility. Additionally, the long-term triple-net leaseback structure with market annual increases offers a growing and predictable income stream with stable growth over the lease term protected from operating expense exposure.”
- ◦Lease
- ◦Sale/Acquisition
