Boston— NKF Capital Markets has completed the sale of Norwood Medical Center at 825 Washington Street in Norwood, Massachusetts to an affiliate of Thor Equities for $23.5 million.
On behalf of Grander Capital Partners, NKF Capital Markets Executive Managing Director Frank Nelson, Managing Director Michael Greeley, Director James Tribble and Senior Analyst Casey O’Brien of the Boston office, which is led by Co-Head of U.S. Capital Markets Robert Griffin, oversaw the transaction of the medical office building.
Totaling 92,400 square feet, Norwood Medical Center is anchored by Steward Health Care. The asset benefits from exceptional synergies with the adjacent Steward Norwood Hospital, serving as its primary medical office and outpatient services complex.
“Norwood Medical Center at 825 Washington Street is a quintessential on-campus, multi-tenant medical office building anchored by Steward Health Care on a long-term basis. We commend Grander Capital on an effective repositioning of the asset, including significantly expanding Steward Norwood Hospital’s future presence in the building, and congratulate Thor Equities on this unique acquisition opportunity,” said Greeley. “Medical office properties in Greater Boston, especially those with hospital tenancy and on-campus locations, stand to outperform the commercial real estate market throughout all economic cycles.”
Norwood Medical Center is strategically situated near Route 1, a major retail corridor, and within five miles of University Station and Legacy Place, two major shopping, dining and entertainment complexes. The property is also located within a five-minute walk of the MBTA’s Norwood Central commuter rail station and within a 10-minute drive of Interstate 95 (Route 128).