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Thomas Park Investment’s MOB Acquisitions Accommodate $5M of 1031 Capital
Annapolis, DC-based Thomas Park Investments has acquired two off-market medical office buildings in deals that accommodated more than $5 million of 1031 capital.
The company sees a common theme of capital flowing from owners of industrial assets into medical office.
“Given where pricing is in the industrial market, it’s logical for owners to be net sellers and take money off the table,” said Thomas Park CIO Alex Kopicki. “Medical office is a logical home to place these funds where opportunity remains for strong cash-on-cash yield given the right sponsor.”
Thomas Park sourced the purchases with an assist from local brokerage firms. Both assets were acquired from the original developers of the buildings.
- 223 Chief Justice Cushing Parkway in Cohasset, MA (the company’s second acquisition in the Boston area). The 35,000-square-foot core plus purchase is in an affluent submarket of Boston.
- 3525 Northgate Drive in Bethlehem, PN. The 53,000-square-foot value-add purchase involves a partial sale-leaseback.
Photo: 223 Chief Justice Cushing Parkway
- ◦Sale/Acquisition
