Thomas Park Investments Completes Sale of Merrimack Medical Center After Completing 381% NOI Growth
Haverhill, Massachusetts – Thomas Park Investments announced the sale of Merrimack Medical Center, a 59,601-square-foot on-campus medical office building located in the Haverhill, Massachusetts MSA, delivering 381% NOI growth and a 1.92x equity multiple for investors.
Acquired in 2021 as a value-add investment, the property was 69% occupied with a weighted average lease term (WALT) of 1.95 years and net operating income (NOI) of $232,679. Thomas Park identified an opportunity to reposition the asset by improving occupancy, restructuring lease terms, carefully deploying capex, and converting ownership from leasehold to fee simple.
Through disciplined execution, the firm completed 20 lease renewals and signed 8 new tenants, extending WALT to 5.85 years and raising occupancy to 90%.
“Merrimack illustrates our ability to unlock value in underperforming medical assets,” said EJ Rumpke, Chief Executive Officer of Thomas Park Investments. “We delivered meaningful returns for our investors while strengthening the tenancy and long-term stability of this on-campus medical office building.”
The transaction highlights Thomas Park’s ability to appropriately evaluate risk and unlock value creation within underperforming assets, reposition them into resilient, high-performing medical office buildings.
Thomas Park Investments is a healthcare-focused commercial real estate investment firm. With a disciplined approach to acquisitions and asset management, the firm creates long-term value for investors while supporting the physicians and health systems that serve local communities.