BOSTON – MLL Capital, a Boston-based commercial real estate investor focused on medical office, laboratory and life sciences properties across the US, announced the acquisition of two medical office buildings, totaling 112,228 square feet, in Woburn, MA.
“This acquisition presents an opportunity to create a premier, multi-tenant healthcare property,” said Wyndsor DePetro, an MLL Capital Principal. “Our strategy is to acquire well-located medical office properties and transform them into preeminent clinical buildings in order to attract and retain high-quality medical tenants.”
The property is 78% leased and anchored by affiliates of Beth Israel Lahey Health, Tufts Medical Center and Woburn Pediatrics. Located at 7 and 12 Alfred Street in Woburn, the medical office buildings are in proximity to Boston and surrounded by communities with high-employment rates, thus a highly insured population, and are easily accessible via I-95 and I-93.
MLL Capital plans to invest approximately $4 million into renovating the campus to create a high-quality medical office environment capable of supporting the clinical needs of leading medical professionals to serve the area’s strong patient demand. A comprehensive capital improvement program will focus on remodeling entrances to both buildings, renovating common areas, and replacing major building systems and components.
“We’re seeing continued interest from investors in value-add medical office, laboratory and life sciences properties, and this acquisition helps propel MLL Capital toward its goal of building a $500 million portfolio in the sector over the next few years,” said Kyle O’Connor, MLL Capital President and Founder.
MLL Capital pursues opportunistic and value add real estate investments in the medical office and life sciences sector that create value through strategic capital investment, detailed repositioning and redevelopment plans with a strong focus on targeted leasing. Founded in 2016, the company has built a portfolio of investments under management that includes ten buildings located in Massachusetts, North Carolina, Tennessee and Texas.