BOSTON– JLL Capital Markets announced that it advised Sendero Capital and Angelo Gordon on the acquisition of 245 Alvord Park Rd. in Torrington, Connecticut, which includes a 37,854-square-foot ambulatory surgical center and outpatient medical building.
The transaction represents the fourth acquisition in Sendero Capital and Angelo Gordon’s programmatic joint venture which allows for up to $300 million in investments in outpatient healthcare real estate. The joint venture is focused on value-add and core plus outpatient medical office and surgery center assets throughout the Northeastern United States – a region with high barriers to entry, strong growth, and one of the largest concentrations of healthcare businesses in the U.S.
The property is fully leased to complimentary tenancy, with Litchfield Hills Orthopedic as a long-term tenant – with approximately 56% of the building, which includes the Litchfield Hills Surgery Center – as well as endoscopy and physical therapy tenants. Hartford HealthCare recently acquired a majority stake in the Litchfield Hills Surgery Center business and plans to make a $2.75 million capital investment to fund renovations, equipment, and technology upgrades. Hartford HealthCare’s growth in Litchfield County has continued since its affiliation with Charlotte Hungerford Hospital in 2017.
245 Alvord Park Rd. is located just off Route 8 in Torrington, which has a population of 35,563 residents according to 2022 Census data and is situated in northwestern Connecticut – 42 miles north of New Haven and 29 miles west of Hartford.
The JLL Capital Markets team was led by Managing Director Brannan Knott, Senior Managing Director Mindy Berman, Director Anthony Sardo and Associate Landon Weaver.
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 sales and advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.