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Boston & New England  + Boston  + Healthcare  | 
Part of 12-asset portfolio acquired by Bain Capital and Evergreen Medical Properties

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.”


Inside The Story

Bain Real Estate Capital's Carillo Thomas

About Lisa McDuffie

Lisa McDuffie arrives at ConnectCRE via REALTOR® world, where she served for nearly two decades as communications director for one of the nation’s largest REALTOR® organizations. She supported two membership-elected presidents who were commercial real estate practitioners, and managed the communications initiatives of the organization’s commercial special interest group. When not following the latest commercial real estate news, Lisa is zeroed in on her charismatic off-the-track thoroughbred as he makes the transition from an utterly failed racehorse to a lovely show hunter.

  • ◦Sale/Acquisition