Deals Accommodate More Than $5 Million of 1031 Capital
ANNAPOLIS, Md.–(BUSINESS WIRE)–Thomas Park Investments closed the first quarter with the acquisition of two Northeast medical office buildings – signifying the company’s second purchase in the Boston MSA and its first purchase in Pennsylvania’s Lehigh Valley.
The acquisitions include:
- 223 Chief Justice Cushing Parkway in Cohasset, Massachusetts. The 35,000-square-foot core plus purchase is in a highly desirable and affluent submarket of Boston. It’s anchored by HealthCare South and South Shore Children’s Dentistry.
- 5325 Northgate Drive in Bethlehem, Pennsylvania. This 53,000-square-foot value-add purchase involves a partial sale-leaseback. Anchor tenants include Wills Eye Physicians (Mid Atlantic Retina), Radiology & MRI of Bethlehem, and Bethlehem Endoscopy.
Thomas Park accommodated 1031 capital in both acquisitions, where the company sees a common theme of capital flowing from owners of industrial assets into medical office.
“Given where pricing is in the industrial market, it’s logical for owners to be net sellers and take money off the table,” said Thomas Park Chief Investment Officer, Alex Kopicki. “Medical office is a logical home to place these funds where opportunity remains for strong cash-on-cash yield given the right sponsor.”
Thomas Park sourced these purchases off-market with an assist from local brokerage firms. Both assets were acquired from the original developers of the buildings.
“When assets are sold by the original developer, it can be a challenging event for the seller,” said Thomas Park Chief Executive Officer EJ Rumpke. “I believe we win these deals because we do our business with the highest degree of professionalism, honesty, and integrity.”
About Thomas Park Investments
Focused exclusively on health care real estate, Thomas Park Investments is the fastest growing private equity real estate firm in its specialty within the mid-Atlantic. Founded in 2019, Thomas Park has leadership with more than 28 years of commercial real estate experience and manages nearly 700,000 square feet of medical office capacity. The Annapolis, Maryland-based firm is on pace to complete $150 million of medical office building acquisitions in 2022. For more information, visit thomas-park.com.
Photos available upon request.
Contacts
For more information contact:
Kristy Myers, Cardinal Thread
240-434-1274
kristy@cardinalthread.com
