Thomas Park Investments is proud to announce the successful acquisition of 24-32 Newton Street, a multi-tenant outpatient medical office property spanning 125K square feet in Southboro, MA. The medical real estate asset is currently anchored by Reliant Medical Group, UMass Memorial, and Walgreens.
The acquisition of the outpatient medical facility involved a complex strategy, which really highlights Thomas Park Investments’ expertise in navigating challenging real estate deals with multiple stakeholders. Key highlights of the medical real estate transaction include:
Strategic Off-Market Deal: Thomas Park Investments demonstrated its agility in identifying unique investment opportunities by sourcing this property as an off-market transaction, ensuring a competitive edge in the market.
Renegotiation of Major Tenancy: During the due diligence process, Thomas Park successfully renegotiated a 97,000 SF lease extension with anchor tenant Reliant Medical Group solidifying the property’s stability and the investments long-term value proposition.
Sustainability: In line with its responsible investment philosophy, Thomas Park Investments entered into a power agreement with the seller to benefit from the onsite and adjacent solar array, making the facility one of the most energy-efficient outpatient medical centers in the region.
The acquisition of 24-32 Newton Street was a dynamic, challenging, and rewarding journey. We were able to execute most of our business plan during the due diligence phase, which is always a great achievement and took a lot of effort from many team members. This strategic investment solidifies our ability to perform on any transaction within the healthcare clinical space no matter the size or complexity.”
– Alex Kopicki, Thomas Park Investments Chief Investment Officer
The outpatient medical office facility at 24-32 Newton Street is poised to serve the Southboro community with an extensive range of clinical offerings, providing top-notch healthcare services to the region.