BOSTON, Aug. 10, 2023 - JLL Capital Markets announced today that Thomas Park Investments acquired Reliant Health Southborough, an outpatient medical campus totaling 125,000 square feet in Southborough, Massachusetts.
JLL represented the joint venture between Thomas Park Investments and its equity partner in the acquisition and is the fourth acquisition of the venture.
Located at 24-32 Newton St., the medical campus is comprised of a main building and an outpatient auxiliary annex. The new ownership is set to make investments into building renovations to modernize the facility to reflect the calibre of care delivered at the location. During the due diligence process, Thomas Park successfully renegotiated a 97,000-sqaure-foot lease extension with anchor tenant Reliant Medical Group solidifying the property's stability and the investments long-term value proposition.
The outpatient medical center is anchored by Reliant Medical Group, UMass Memorial and Walgreens and has a strong compliment of healthcare specialties across the spectrum from primary care and dermatology to orthopaedic and cardiovascular surgery.
The campus is located in Southborough, a suburb of Boston, and is a dense, rapidly expanding and affluent submarket with a dated supply of medical buildings.
Thomas Park Investments Chief Investment Officer, Alex Kopicki, shared his enthusiasm for the successful deal, stating, "The acquisition of 24-32 Newton Street was a dynamic, challenging, and rewarding journey. We were able to execute most of our business plan during the due diligence phase, which is always a great achievement and took a lot of effort from many team members. This strategic investment solidifies our ability to perform on any transaction within the healthcare clinical space no matter the size or complexity."
The JLL Capital Markets team was led by Managing Director Brannan Knott and Mindy Berman.
In line with its responsible investment philosophy, Thomas Park Investments entered into a power agreement with the seller to benefit from the onsite and adjacent solar array, making the facility one of the most energy-efficient outpatient medical centers in the region.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients - whether investment sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos and research resources, please visit JLL's newsroom.
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Jones Lang LaSalle Inc. published this content on 10 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 10 August 2023 15:52:18 UTC.
