JV Acquires 12-Asset MOB Portfolio Stretched along RI, MA for Reported $160M
A joint venture between Boston-based Bain Capital Real Estate and Evergreen Medical Properties have acquired a medical office building portfolio consisting of 12 assets totaling 573,000 square feet along the I-95 corridor in RI and MA. Financial terms of the private purchase from Albany Road Real Estate Partners were not disclosed; published reports place the purchase near $160 million.
Newmark’s Healthcare Capital Markets team, led by Michael Greeley, advised the seller and procured the buyer.
The JV works to acquire, renovate and operate institutional quality healthcare real estate in select markets throughout the US, with a focus on mission critical outpatient medical office buildings.
“This acquisition is emblematic of our thematic approach to investing in medical office,” said Elizabeth Carrillo Thomas, a managing director at Bain Capital Real Estate. “In this case, we identified a compelling opportunity to invest in a collection of quality outpatient assets with strong underlying fundamentals and a tenancy that includes the market’s leading healthcare providers.”
- ◦Sale/Acquisition