Thor Equities Buys First Boston-Area Asset

The company is continuing its expansion in the Northeast. Norwood Medical Center offers 92,000 square feet of medical office space across three stories.
825 Washington St.

Thor Equities has acquired Norwood Medical Centeralso known as Guild Medical Centerfrom Grander Capital Partners, for $23.5 million.  The 92,000-square-foot property, located in Norwood, Mass., marks the company’s first purchase in the Greater Boston area.

The newly renovated asset is situated at 825 Washington St., a roughly 25-mile drive southwest of downtown Boston. The 4.8-acre parcel provides easy access to Route 1 and Interstate 95. Norwood Memorial Airport is less than a 10-minute drive away, while the MBTA Commuter Rail’s Norwood Central station is within walking distance from the site.

The three-story building is currently 95 percent occupied, with Steward Health Care and Quest Diagnostics and Associates in Internal Medicine as primary tenants. The medical center sits across the street from Steward Norwood Hospital, serving as its primary medical office and outpatient services complex. According to Yardi Matrix data, the asset dates back to 1914. It was originally built as a school and converted to office in 1989. Grander acquired it in 2015 for $13.2 million from Susan Donovan.

In February, Thor Equities entered the Philadelphia market with the acquisition of a 214,000-square-foot mixed-use asset that’s part of the larger Market East retail, residential and office development.

Image courtesy of Yardi Matrix