Maryland-based healthcare real estate firm purchases Merrimack Medical Center
ANNAPOLIS, Md., July 08, 2021–(BUSINESS WIRE)–Thomas Park Investments (TPI) acquired its first greater Boston-area medical office building with the purchase of Merrimack Medical Center at 62 Brown Street in Haverhill, Massachusetts.
The 55,000-square-foot property is located on the campus of Holy Family Hospital, part of the Steward Health Care system. The building offers exceptional visibility and ample on-site parking and is conveniently located a half mile from downtown Haverhill and accessible from Exits 50 or 51 off I-495.
“We have an extensive capital improvement plan to invest back into this property and attract more high-quality tenants,” says EJ Rumpke, TPI’s chief executive officer. “We want tenants who will support the major health needs of the community.”
TPI bought the property from Healthpeak Properties, a publicly traded real estate investment trust (REIT). Echo Development Group, a Chicago-based real estate investment and development firm, is a partner in the acquisition. The acquisition is part of a larger TPI strategy to purchase medical office buildings in the Amtrak Acela Corridor that spans from Richmond to Boston.
“Our relationship-centric approach focuses on assets that allow patients convenient access to care,” says Alex Kopicki, TPI’s chief investment officer. “We intend for this to be the first of many acquisitions in the area.”
About Thomas Park Investments
Focused exclusively on healthcare real estate, Thomas Park Investments (TPI) is the fastest growing private equity real estate firm in its specialty within the mid-Atlantic. Founded in 2019, TPI’s leadership offers more than 25 years of commercial real estate experience and manages nearly 300,000 square feet of medical office capacity. The Annapolis, Maryland-based firm is on a fast-paced trajectory to complete $100 million of medical office building acquisitions in 2021. For more information, visit thomas-park.com.