CBRE recently facilitated the sale of a 61,321-square-foot medical outpatient building (MOB) located at 300 Birnie Ave. in Springfield, MA for New England Orthopedic Surgeons. The buyer was Remedy Medical Properties, based in Chicago and partnered with Kayne Anderson Real Estate. While the price was not disclosed by CBRE, reports indicate it sold for $27.3 million.
The team at CBRE U.S Healthcare Capital Markets including Chris Bodnar, Brannan Knott,Zack Holderman,Cole Reethof,Trent Jemmett,and Jesse Greshin worked alongside Chris Scott from Lincoln Property Company to exclusively advise the seller on this transaction.
According to Knott,”The property is fully leased to a leading orthopedic surgical practice.” He also stated that “the investor’s goal was to acquire a high-quality medical building with a reputable tenant”, which they found in New England Orthopedic Surgeons’ facility.The long-term triple-net leaseback structure includes annual increases and provides stable income growth over time while protecting against operating expenses exposure.
This sale marks another successful venture for Remedy Medical Properties as they continue their expansion into healthcare real estate investments through strategic partnerships like this one.
