The property was never formally marketed. A targeted outreach process to a select group of six qualified medical real estate investment trusts resulted in competitive interest.
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The $23.5 million sale of a 55,875-square-foot medical office building at 33 Sewall St. in Portland is Maine's largest commercial property deal so far this year.
AG-SC Sewall Street Owner LLC bought the property from Fore River Realty Associates LLC.
Tom Moulton, Katie Breggia, TC Haffenreffer and Sylas Hatch from the Dunham Group brokered the deal.
Investment deal
Built in 1989 and expanded in 2004 and 2013, the two-story Class A medical/ambulatory surgery center building is on 3.36 acres and has 177 parking spaces.
The property was marketed as being exceptionally well-maintained, with proximity to Maine Medical Center and Northern Light Hospital.
Orthopaedic Associates of Maine has operated for nearly 30 years at the location, said Breggia.
The seller, Fore River Realty Associates LLC, is an ownership entity comprised of several physicians from Orthopedic Associates and one retired physician.
The practice partnered with Growth Orthopedics, a national management services organization headquartered in New York City, and executed a long-term leaseback of the building, significantly enhancing the asset’s attractiveness to institutional medical investors, Breggia said.
The property is entirely leased to Growth Orthopedics and Orthopedic Associates.
“Although the property was never formally marketed, we created a targeted outreach process” to a select group of six qualified medical real estate investment trusts, she said. “This resulted in competitive interest, with offers received from all parties.”
The limited liability corporation that bought the property is owned by Sendero Capital, a real estate investment, development and advisory firm based in Boston. It is Sendero’s first asset in Maine, according to its LinkedIn profile.
“Ultimately, Sendero Capital was selected based on their scale, relevant experience and alignment with the long-term objectives of the practice,” Breggia said. “Their investment strategy includes retaining ownership of the asset and implementing capital improvements to support the continued growth and success of Orthopedic Associates.”
Editor's note: Stephanie Meagher, head of research for Mainebiz parent company New England Business Media, contributed to this report.Â