Image courtesy of JLL

A Maryland investor extended a lease with an anchor tenant before closing on the $17.6-million acquisition of a medical office building in Southborough.

A joint venture led by Thomas Park Investments of Annapolis acquired the 125,000-square-foot Reliant Health Southborough at 24-32 Newton St., which includes an office building and outpatient annex. The seller was Planning Realty LLC of Framingham.

Reliant Medical Group renewed its 97,000-square-foot lease prior to the closing, according to JLL Capital Markets. Additional tenants include UMass Memorial and Walgreens.

The new owners plan renovations to modernize the facility. In addition to the acquisition, Thomas Park Investments entered a power agreement with the seller for solar arrays located on and next to the property.

The private equity firm focuses exclusively on health care real estate and has $300 million in assets under management.

JLL’s Brannan Knott and Mindy Berman represented the joint venture of Thomas Park Investments and an equity partner in the acquisition.

New Owner Secures Anchor Tenant at Southborough Property

by Steve Adams time to read: 1 min
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