Colliers Lends a Hand in $60M MOB Package Deal
The 10-building Blackstone Valley Medical Office Portfolio encompasses 301,700 square feet of institutional-quality, Class A medical office space located across three Rhode Island submarkets.
By Mihaela Coste
Boston Capital Markets Group of Colliers International recently announced that it has closed the sale of the Blackstone Valley Medical Office Portfolio, a 10-building 301,700-square-foot institutional-quality portfolio of urban and suburban Class A medical office buildings. The assets are located in three distinct Rhode Island submarkets–East Greenwich, Lincoln and Providence. Colliers represented the seller, F.H. French Co. Inc., a Rhode Island real estate firm, in the $60.5 million off-market transaction.
Co-Chairman Kevin Phelan and Executive Vice President Scott Dragos led the sales team, being assisted by Executive Vice President Doug Jacoby, Vice President Tony Hayes, Assistant Vice President Tim Mulhall and Associate Dan Hines of Colliers’ Boston office.
Additionally, Jeff Black, senior vice president of Colliers International’s Boston-based debt team, assisted the buyer, Albany Road Real Estate Partners, in securing a $40 million acquisition loan through PNC Bank. The fixed-rate financing will be interest only for the initial 5-year term, providing an enhancement to cash flow during the ownership period.
Albany Road’s President Chris Knisley had been pursuing to acquire the portfolio for five years. Jen Cookke, the granddaughter of the original founder of the company, who now runs the firm, will continue to hold the management and leasing services for the assets.
At the time of the transaction, the portfolio was 98 percent leased, maintaining this same average occupancy level between 2007 and 2016. The tenant roster includes Lifespan Rhode Island, The Miriam Hospital, Kent County Hospital, Anchor Medical, Coastal Medical and University Urological.
Image courtesy of Colliers International
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