Image courtesy of Boston Architectural Photographer

A Virginia investor that owns and manages 1 million square feet of medical properties in the Northeast paid $15.1 million for a multi-tenant building near South Shore Plaza.

Now 94-percent occupied by 16 tenants, the 340 Wood Road property was developed in 1982 and renovated between 2018 and 2022. The acquisition was acquired through Charlottesville, Virginia-based Anchor Health’s discretionary equity fund, Chestnut Healthcare Fund II, which is co-managed with Chestnut Funds.

Anchor is seeking additional acquisitions in Greater Boston.

“Building on our earlier acquisitions in the greater Boston MSA, we continue to be excited about the investment opportunities in the surrounding market. As the demand for healthcare services continues to grow and outpace supply, we anticipate medical office buildings to increase in value,” Vice President of Investments Ilya Hvostikov said in a statement.

Newmark’s capital markets team represented seller Foxfield LLC and procured the buyer. Newmark Senior Managing Director Michael Greeley at Newmark provided sales advisory services on behalf of the seller. Synovus Bank provided debt financing for the project. 

New Owner of Braintree Medical Property Seeks More Acquisitions

by Banker & Tradesman time to read: 1 min