News Release
After launching with eight properties last year, Davis Medical Investors LLC fund has acquired 84 Marginal Way in Portland, home to state’s largest private medical practice
The 10-story, 107,228-square-foot 84 Marginal Way building in Portland, Maine is 100 percent leased, has convenient access to U.S. Interstate 295, and is near Maine Medical Center and Northern Light Mercy Hospital.
PORTLAND, Maine, and MINNEAPOLIS, Aug. 19, 2021 – After launching a medical real estate investment fund last December with the acquisition of eight medical office buildings (MOBs), Minneapolis-based Davis has added a signature Portland property to its portfolio.
Davis Medical Investors LLC has acquired the 10-story, 107,228-square-foot 84 Marginal Way building on 1.37 acres in Portland’s popular Bayside District. The transaction closed on August 18, 2021.
The Class A, 100 percent leased building is anchored by InterMed, Maine’s largest private medical practice.
The property is an ideal fit for the Davis fund, according to Mark Davis, Founder and Managing Partner of the national healthcare real estate development, property management, brokerage and investment firm.
“The 84 Marginal Way purchase fits all of our acquisition criteria, including a high occupancy level, financially strong credit tenancy, and the high quality of the property and the geographic market,” Mr. Davis says. “This is a growing, affluent area, with 117,500 people within five miles of the building. In addition, it’s near Maine Medical Center and Northern Light Mercy Hospital, and about four miles from Portland International Jetport. It’s also easily accessible from U.S. Interstate 295.” When completed in 2008, the building was the city’s largest office building construction project in two decades.
84 Marginal Way is InterMed’s flagship location, and it delivers a wide variety of healthcare services there. This includes internal medicine, family practice, physical therapy, pediatric medicine, obstetrics and gynecology, emergency medicine, dermatology, audiology, cardiology, and sports medicine. Conveniently, the six floors of medical office space sit atop a four-level parking garage with 524 spaces.
Mr. Davis notes, “We’d also like to thank Joe Massa, Senior Managing Director at Institutional Property Advisors (IPA), who represented the seller. Joe was instrumental in bringing us the deal and in getting the transaction closed.”
Mr. Davis adds, “Although we are very pleased with this acquisition, there is more to come.” The overall goal for the Davis Medical Investors LLC fund is to acquire $150 million or more each year, he says.
As noted above, the fund launched last December with the acquisition of eight medical properties. That $112 million acquisition totaled 536,362 square feet with properties located in Connecticut, Minnesota, Ohio and Tennessee. Capital One is providing financing for the fund. If you’re interested in discussing the sale of your building or JV partnership, please contact Stewart Davis at 917-680-5960.
About Davis
Davis, founded in 1986, is a national healthcare real estate firm that offers unparalleled expertise in healthcare real estate development, property management, brokerage, investment and consulting services to health systems, hospitals, individual medical groups, specialty practices and other healthcare organizations. Over the past five years, the company has developed 33 Class A medical buildings totaling about $365 million in development costs and completed 47 investment transactions totaling more than $575 million. It has also negotiated more than 220 healthcare property leases totaling nearly 2 million square feet during that time. For more information, please visit www.davishre.com.
– 30 –
News Media Contact: Vickie Ridgley, 612-383-2717, vridgley@davishre.com
The full content of this article is only available to paid subscribers. If you are an active subscriber, please log in. To subscribe, please click here: SUBSCRIBE
