LINCOLN – Two real estate investment firms headquartered in Boston and New York City have purchased a 30,000-square-foot medical facility at 2 Wake Robin Road.
The firms, Boston-based Sendero Capital and New York City-based Angelo Gordon, purchased the building from 2 Wake Robin Road LLC, with Chicago real estate company JLL facilitating the sale.
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The building, known as George Washington Medical Center, hosts 10 tenants, including Lincoln Urgent Care, Village Medical primary care services and Asthma & Allergy Physicians of Rhode Island.
JLL, which confirmed the sale to PBN, declined to disclose the purchase price on behalf of the buyers, and the Town of Lincoln did not have documentation of the sale available.
The Lincoln purchase is part of a larger push into outpatient health care real estate by the two real estate investment firms: In late June, JLL announced that Sendero Capital and Angelo Gordon had entered a programmatic joint venture to acquire such facilities in the northeast, with up to $300 million in assets set aside for this goal over the next two years.
In that announcement, JLL referred to the northeastern U.S. as “a region with high barriers to entry, strong growth, and one of the largest concentrations of healthcare businesses in the U.S.”
Frank Virga, director of U.S. Real Estate at Angelo Gordon, said in a statement that “demand for outpatient healthcare facilities has continued to grow in recent years, and we believe the opportunity set in the medical office sector remains robust.
“We look forward to working with the Sendero Capital team to execute on acquisition opportunities in this space — leveraging their wealth of healthcare industry expertise and Angelo Gordon’s deep value-add real estate experience to identify and enhance well-located facilities throughout the northeast,” Virga continued.
JLL has already tapped into the Lincoln health are real estate market prior to the push, with the company closing the $55.7 million sale of Lincoln Commons, which neighbors the medical facility, to Acadia Strategic Opportunity Fund V in 2019.
Outside of the health care real estate sector, JLL arranged a $17.2 million refinancing of a two-building, 282,924 square feet office and industrial property at 1 Albion Road in Lincoln last March.
Jacquelyn Voghel is a PBN staff writer. You may reach her at Voghel@PBN.com.
