BOSTON– JLL Capital Markets announced that it has facilitated the disposition of the 46,350-square-foot medical office property known as the Emerson Hospital Center for Specialty Care.
Located at 54 Baker Avenue Extension in Concord, Massachusetts, and highly visible from Route 2, the building serves as a highly-specialized, mission-critical outpatient facility for Emerson Hospital.
JLL exclusively represented the seller, Concord Property Management, and procured the buyer, a joint venture of Celera Properties and AEW Capital Management, who purchased the property for $23.3 million.
This three-story asset has seen an outsized capital investment, creating a highly specialized facility that has become a cornerstone for the delivery of care. Emerson Hospital occupies the entirety of the property on a long-term lease. The campus-adjacent center provides expert services for adults and children in the fields of cardiology, endocrinology, imaging, laboratory, nephrology, neurology, orthopedics, pain management and wound care.
Due to its success in maximizing the performance of the asset, the buyer has plans to retain the seller for property management services.
“Our team is thrilled with this transaction – the process was highly competitive and well executed,” said Travis Snell, President of Concord Property Management. “We very much look forward to working with the Celera/AEW team in their stewardship of this asset.”
JLL’s Capital Markets team representing the seller was led by Coleman Benedict, Ben Sayles, Mike Restivo, Mindy Berman and Brannan Knott.
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 advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.