Hot Property: Interest high in Boston-area MOB

The 38,188 square foot Musculoskeletal Center at 4 Centennial Drive in Peabody, Mass., is offered for sale by MANSARD and Coppola Properties Photo courtesy of MANSARD

The 38,188 square foot Musculoskeletal Center at 4 Centennial Drive in Peabody, Mass., is offered for sale by MANSARD and Coppola Properties Photo courtesy of MANSARD

 

The Musculoskeletal Center in Peabody, Mass., is 93.8 percent occupied

Name: The Musculoskeletal Center
Address: 4 Centennial Drive
City: Peabody, Mass.
Number of buildings: 1
Square footage: 38,188
Date completed: 1976
Date redeveloped: 2003
Occupancy: 93.8%
Average PSF rent: $23.66/NNN
First year NOI: $879,276
Suggested price: $12.295 million
Brokerage firms: MANSARD, Coppola Properties

PEABODY, Mass. – Boston’s healthcare real estate (HRE) scene is not easy to break into, as it is considered one of the country’s highest barrier-to-entry markets.

That’s why Jeremy Cyrier, president of Wakefield, Mass.-based MANSARD, says investor interest has been high for a north suburban medical office building (MOB) that he is marketing with Nick Coppola, president of another area commercial real estate firm, Coppola Properties.

Offers are due in late January for the Musculoskeletal Center at 4 Centennial Drive in Peabody, about 17 miles north of downtown Boston in what is known as the Northshore Medical Market. Major providers in the area include Beverly Hospital, Mass General Hospital, Lacey Clinic and others.

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