Chicago, IL (August, 2025) – Echo Real Estate Capital, Inc. (“Echo”) announces it has sold an on-campus medical office building for $9.57 million dollars.
The property is approximately 59,000 square feet and is located at 62 Brown Street in Haverhill, Massachusetts on the campus of the 122 bed Lawrence General Holy Family Hospital. The building was ~90% occupied at the time of sale by 20 tenants that include Revere Medical, Northeast Rehab, Mobility Bone and Joint Institute, and PhyNet Dermatology.
“This was an incredible outcome for a heavy value-add transaction. We acquired the building in 2021 which was a much different investment climate,” said Echo principal Jon Boyajian. “Half-way through our redevelopment plan, Steward Health filed for bankruptcy, and the hospital transitioned ownership to Lawrence General. We fought our way through it signing 8 new leases and 21 lease renewals.”
The value-add initiatives completed by Echo included a conversation of lease-hold ownership to fee-simple interest, common area lobby upgrades, and minor deferred maintenance repairs. The lender on the property was Chicago based Wintrust Bank.
Boyajian added, “Our investors received a 92% return on equity over a four-year hold period. The S&P 500 returned 48% over that same time. This is a tremendous risk-adjusted return with a hard-asset hedge against inflation. This was a textbook value-add deal for us.”
Echo Real Estate Capital, Inc. (www.echorecap.com) is an acquisition and development firm based in Chicago, Illinois. Echo’s primary focus is healthcare, industrial and retail assets as well as nationwide programmatic build-to-suit development.
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