Chicago, IL (June 2019) – Echo Development Group, Inc., in association with Annapolis, MD based Thomas Park Investments, announces it has acquired the Merrimack Medical Center, an on-campus medical office building adjacent to the 122-bed Holy Family Hospital, a member of the Steward Health Care Network.
The property is 55,000 square feet and is located at 62 Brown Street in Haverhill, Massachusetts, a suburb of Boston roughly 35 miles north of downtown. The building was 70% occupied at the time of sale by an impressive list of tenants that include Steward Medical Group, Steward Holy Family Hospital, Tallman Eye Associates, PhyNet Dermatology, Lahey Health Behavioral Services, and Colden & Seymore ENT.
“This is an incredible value-add opportunity and we are very excited about our first deal in the Boston MSA,” said Echo Development Principal Jon Boyajian. “Our business plan for the asset includes some cosmetic upgrades to the common areas as well as a targeted leasing campaign to attract additional medical tenants that desire an on-campus presence.” Boyajian further commented, “The Merrimack Medical Center has the ability to serve Haverhill and the surrounding communities in the Merrimack Valley given the regional reach of Holy Family Hospital. Clinical and behavioral tenants will benefit tremendously from the natural referral network.”
Echo Development Group, Inc. (www.echodg.com) is an acquisition and development firm based in Chicago, Illinois. Echo’s primary focus is healthcare, retail and industrial assets as well as nationwide programmatic build-to-suit development.
Thomas Park Investments (www.thomas-park.com) is an Annapolis, MD based private equity real estate firm that acquires medical office buildings throughout the Mid-Atlantic and Northeast.
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