IG Blue Hills LLC has purchased a 48,000-square-foot medical office building at 340 Wood Road in Braintree for $7.5 million.

The tenants for the Braintree property, also known as the Blue Hills Medical Center, include South Shore Hospital, Milton Pediatrics, Boston Brace and Blue Hill Medical Assoc., according to a statement.

David Mitchell of Rader Properties Inc. represented the seller and procured the buyer in this transaction.

"340 Wood Road’s 128 location, high-quality construction and tenant mix represented an attractive investment opportunity," said Mitchell. "The South Shore’s medical office market is extremely tight; and with limited new construction forecasted, this type of building will continue to attract tenants and increase in value."

IG Blue Hills plan to upgrade the building’s HVAC system, parking lot and building signage.

The Wood Road property was last purchased for $4.05 million, according to records obtained by The Warren Group, publisher of Banker & Tradesman. It was last assessed for $4.8 million.