Major New England Commercial Real Estate Deal Involves Tenants Lifespan and Care New England
Friday, November 12, 2021
One of the largest commercial real estate deals in New England involves some of the highest-profile healthcare organizations in RI and the south coast.
GoLocal has learned from sources that the deal is in the $150 million range.
Evergreen Medical Properties, a company that invests in, leases and manages healthcare facilities, and Bain Capital Real Estate, the real estate investing business of Bain Capital, announced the acquisition of a medical office building portfolio consisting of 12 assets totaling 573,000 square feet along the I-95 corridor in Rhode Island and Massachusetts.
GET THE LATEST BREAKING NEWS HERE -- SIGN UP FOR GOLOCAL FREE DAILY EBLASTThe seller was Boston-based Albany Road Real Estate.
Matt Fair of Hayes & Sherry, a Cushman & Wakefield Alliance firm, served as a market expert for the sellers said, “It’s exciting to have one of the top operators of healthcare real estate nationally enter the market in a major way. I look forward to working with the Evergreen team to meet the real estate needs of the local health care community across the RI and SE MA markets.”
The diversified portfolio of outpatient medical office buildings includes Lifespan, Rhode Island’s largest health system, and private employer. Other core tenants across the properties include Care New England, Southcoast Health, and Brown Physicians, Inc.
This is a mega deal in this sector. The Rhode Island portfolio of buildings involves 473,000 square feet. And the Massachusetts portfolio is another 110,000 square feet.
“We are pleased to expand our relationship with Lifespan and partner with other leading (regional) health systems,” said Josh Richmond, President of Evergreen Medical Properties.
Evergreen Medical Properties and Bain Capital Real Estate have a joint venture to acquire, renovate and operate institutional quality healthcare real estate in select markets throughout the U.S. The joint venture focuses on mission-critical outpatient medical office buildings.
“This acquisition is emblematic of our thematic approach to investing in medical offices. 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,” said Elizabeth Carrillo Thomas, a Managing Director at Bain Capital Real Estate. “We look forward to the continued growth of our partnership with the Evergreen Medical Properties team.”
