BOSTON– JLL Capital Markets announced today that it advised Sendero Capital and Angelo Gordon on the acquisition of 2 Wake Robin Road, a 30,000-square-foot medical office building in Providence, Rhode Island.
The transaction represents the second 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.
Constructed in 2006, 2 Wake Robin Road is a premier medical office building that is currently 96% leased to Lifespan Health System and clinical medical tenants offering a variety of services, including urgent care, primary care, imaging, pediatric care, physical therapy and pathology.
2 Wake Robin Road is conveniently located off Route 295 and Route 146 on George Washington Highway. The facility sits directly across the street from the Lincoln Mall, 0.25 miles from Route 146 and three miles from Bryant College. The building is located less than an hour from Boston and two national airports, and it is strategically positioned between Landmark Medical Center (6.6 miles) and Miriam Hospital (10 miles).
“We are very excited to enter the Rhode Island market with the acquisition of 2 Wake Robin Road, a strategically located medical facility offering an ecosystem of outpatient medical services,” said Ross Negele, Principal at Sendero Capital.
The JLL Capital Markets team was led by Managing Director Brannan Knott, Senior Managing Director Mindy Berman and Director Anthony Sardo.
“2 Wake Robin Road is a sought-after, health-system-anchored outpatient medical building with convenient access off the Providence Beltway. The property, tenancy and surrounding community stand to benefit from Sendero Capital and Angelo Gordon’s institutional ownership,” said JLL’s Knott.
