LINCOLN – F.H. French Co. Inc. has sold a 10-building portfolio of medical offices in Lincoln, East Greenwich and Providence to a Boston-based real estate investment company, according to Colliers International, whose Boston offices facilitated the transaction.
The properties were sold for a combined $60.5 million, and include Class A office buildings occupied by tenants such as Lifespan Corp., The Miriam Hospital, Anchor Medical, Coastal Medical Inc. and University Urological Associates Inc., according to Colliers.
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The buildings are 98 percent leased, many under long-term agreements. They total 301,700 square feet.
The new owner, Albany Road Real Estate Partners, pursued the off-market sale for nearly five years, according to Jeff Black, a vice president at Colliers in Boston.
Colliers represented the seller, identified as the Keigwin family, and arranged for $40 million in acquisition financing for the properties.
F.H. French, founded in 1935, is now in the third generation of family ownership and management, according to a news release. It will retain several of its holdings, including 11 and 4 Blackstone Valley Place in Lincoln, occupied by CVS Health corporate offices.
F.H. French is now led by Jen Cookke, granddaughter of the founder, who will continue to manage the properties and will assist in leasing of the portfolio properties, according to a news release.
Albany Road, founded in 2012, has acquired numerous commercial properties in nine states in New England and the Southeast, according to its website.
In addition to the newly acquired medical office buildings, its holdings in Rhode Island include Gateway Center in the Capital Center of Providence, purchased for $13.2 million in 2013, and Metro Center II on Kilvert Road in Warwick, purchased for $13.6 million in 2012.
The acquisitions that were part of the April 19 sale include: University Medical Center, 195 Collyer St., Providence; Collyer Street Rehabilitation Center, 208 Collyer St., Providence; Blackstone Center, 6 Blackstone Valley Place, Buildings 6 and 7, Lincoln; Greenwich Medical Office Park, 1351 South County Trail, Buildings 1, 2, 3 and 5, East Greenwich; Lifespan Ambulatory Care Center, 1454 South County Trail, East Greenwich; and One Commerce St., Lincoln.
Mary MacDonald is a staff writer for the PBN.
