Massachusetts MOB Changes Hands for $11M
- Apr 01, 2019
Catalyst Capital has purchased a medical office building that serves as a U.S. Department of Veterans Affairs (VA) outpatient clinic in Lowell, Mass., for $11.4 million. The real estate investment and management firm picked up the property at 122-130 Marshall Road from JACO Realty.
Newmark Knight Frank brokered the sale of the 38,400-square-foot property, which was built in 1993. The building is fully leased to the government department and serves as an integrated care facility within the VA Boston Healthcare System. The facility, which serves the large veteran population of Middlesex County, is located 20 miles northwest of downtown Boston.
Executives across NKF’s Boston Capital Markets team and its Chicago-based government properties team oversaw the deal. “(The property) is a mission-critical patient care facility for the VA Boston Healthcare System. Our client, a Florida-based private partnership, had been excellent stewards of the asset for over 20 years,” commented Senior Managing Director Michael Greeley in prepared remarks.
“Interest in the asset was extremely strong from a variety of medical office and government property investors, both local and national. This facility is one of only a few standalone VA outpatient clinics in New England, and we are very pleased with the outcome of this sale process,” Greeley added.
Elsewhere in Middlesex County, NKF represented The Davis Cos. in the disposal of One Burlington Business Center, a LEED Gold-certified medical office building in Burlington, last June. Anchor Health Properties purchased the 177,000-square-foot building as part of a three-asset portfolio, according to Yardi Matrix data.