JLL Capital Markets advised on the purchase of 227 Centerville Rd. in Warwick, RI, the fifth acquisition in Sendero Capital and TPG Angelo Gordon’s programmatic joint venture.
BOSTON, Mar. 11, 2024 – JLL Capital Markets announced today that it advised Sendero Capital and TPG Angelo Gordon on the acquisition of 227 Centerville Rd., a 30,000-square-foot medical office building in Warwick, Rhode Island.
The transaction represents the fifth acquisition in Sendero Capital and TPG Angelo Gordon’s programmatic joint venture, which allows for up to $300 million in investments in outpatient healthcare real estate. The joint venture is focused on value-add and core plus outpatient medical office and surgery center assets throughout the Northeastern United States – a region with high barriers to entry, strong growth and one of the largest concentrations of healthcare businesses in the U.S.
The property is fully leased by four tenants, with the anchor, NeuroHealth, a leading neurology practice, occupying 40 percent of the building. Rhode Island Medical Imaging and Care New England/Kent Hospital also occupy significant space in the building, providing a variety of services including both imaging and family medicine to the Warwick and West Warwick markets in Rhode Island.
227 Centerville Rd. is conveniently located just an hour south of Boston off Interstate 95 and I-295, a transportation artery providing access from New York City to northern Maine.
The JLL Capital Markets team was led by Senior Managing Director Mindy Berman, Senior Director Anthony Sardo and Associate Landon Weaver.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory, or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
For more news, videos, and research resources, please visit JLL’s newsroom.
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About JLL
For over 200 years, JLL (NYSE: JLL), a leading global commercial real estate and investment management company, has helped clients buy, build, occupy, manage and invest in a variety of commercial, industrial, hotel, residential and retail properties. A Fortune 500® company with annual revenue of $20.9 billion and operations in over 80 countries around the world, our more than 105,000 employees bring the power of a global platform combined with local expertise. Driven by our purpose to shape the future of real estate for a better world, we help our clients, people and communities SEE A BRIGHTER WAYSM. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Sendero Capital
Sendero Capital is a privately held real estate investment, development and advisory firm based in Boston, MA. The principals of the firm have decades of experience investing in, developing, and managing large portfolios of real estate across the United States, including millions of square feet in the healthcare sector.
About TPG Angelo Gordon
Founded in 1988, Angelo, Gordon & Co., L.P. (“TPG Angelo Gordon”) is a diversified credit and real estate investing platform within TPG. The platform currently manages approximately $78 billion* across a broad range of credit and real estate strategies. For more information, visit www.angelogordon.com.
*TPG Angelo Gordon’s currently stated AUM of approximately $78 billion as of December 31, 2023 reflects fund-level asset-related leverage. Prior to May 15, 2023, TPG Angelo Gordon calculated its AUM as net assets under management excluding leverage, which resulted in TPG Angelo Gordon AUM of approximately $53 billion last reported as of December 31, 2022. The difference reflects a change in TPG Angelo Gordon’s AUM calculation methodology and not any material change to TPG Angelo Gordon’s investment advisory business. For a description of the factors TPG Angelo Gordon considers when calculating AUM, please see the disclosure linked here.
Contact: Alli Stent, Public Relations
Phone: +1 330 329 6750
Email: Alli.Stent@jll.com
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