WARWICK – The commercial property at 120 Centerville Road was sold for $6.1 million, according to Hayes & Sherry Real Estate Services Thursday.
The property features a full suite of orthopedic services, and is fully rented out to Ortho Rhode Island.
The seller was Trilogy WBO Realty LP, a private investor group that purchased the property in 2014 for $5.7 million, according to property records. The buyers were CHCT Rhode Island LLC, headquartered in Franklin, Tenn. The LLC’s listed manager was Community Healthcare Trust Services Inc., a national health care real estate investment trust.
Matt Fair of Hayes & Sherry facilitated the sale for the seller. The sale closed on July 24.
“Our team facilitated a nationally focused marketing campaign that attracted multiple competitive bids,” stated Fair. “This sale marked a high-water mark for recent [medical office building] sales in Warwick, with a price per square foot of $287 per square foot. The market for medical office real estate continues to be a leading sub-sector in commercial real estate in Rhode Island and across the country.”
The 13,632-square-foot building on the property was built in 1990 and renovated in 2013. The 0.52-acre property was last assessed at $1.4 million in 2019.
“Additional strengthening is forecast as interest rates further decline and [capitalization] rates compress. There has not been a better time to sell medical office investment property in the past decade,” said Fair.
Hayes & Sherry is a Cushman & Wakefield Alliance member.
Chris Bergenheim is the PBN web editor. You may reach him at Bergenheim@PBN.com.