Springfield, MA – January 15, 2024 – CBRE facilitated the sale of the New England Orthopedic Surgeons’ facility, a 61,321-square-foot medical outpatient building (MOB) located at 300 Birnie Avenue, Springfield, Massachusetts to Chicago-based Remedy Medical Properties in a venture with Kayne Anderson Real Estate.
Chris Bodnar, Brannan Knott, Zack Holderman, Cole Reethof, Trent Jemmett and Jesse Greshin of CBRE U.S. Healthcare Capital Markets partnered with Chris Scott of Lincoln Property Company to act as the exclusive advisors to the seller.
The three-story facility is a high-volume specialized surgical orthopedic practice that is fully leased to the New England Orthopedic Surgeons (NEOS), the regional leader and only specialized comprehensive orthopedic surgical practice in Western Massachusetts. NEOS sees over 700 patients a day and averages more than 13,000 surgeries a year, significantly more than any other orthopedic practice in the state, and provides minimally invasive procedures, injections, physical therapy, and more to provide a comprehensive orthopedic practice.
“The asset is 100% leased to the market-leading orthopedic surgical practice,” said Brannan Knott, CBRE’s Executive Vice President of the U.S. Healthcare Capital Markets practice. “This investor sought to acquire a high-volume medical building leased to a reputable tenant, which they found in the New England Orthopedic Surgeons’ facility. Additionally, the long-term triple-net leaseback structure with market annual increases offers a growing and predictable income stream with stable growth over the lease term protected from operating expense exposure.”
Located across from the Baystate Orthopedic Surgery Center and Baystate Medical Center, the property benefits from a strong cross referral network with the health system, the largest healthcare organization in western Massachusetts. The facility is situated at the interchange of Interstate-91 and Birnie Avenue, providing excellent frontage and visibility for the 115,000 vehicles that pass through on any given day.
The purchaser, Remedy Medical Properties, is a full-service healthcare real estate company and the largest private owner of healthcare properties in the country, with over 30 million square feet and 25 offices spanning 43 states.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Dallas, is the world’s largest commercial real estate services and investment firm (based on 2023 revenue). The company has more than 130,000 employees (including Turner & Townsend employees) serving clients in more than 100 countries. CBRE serves a diverse range of clients with an integrated suite of services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
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