Former home of Foundation for Blood Research sells for $1M
Photo / Tim Greenway
Jane Sheehan, president and CEO of the Scarborough-based Foundation for Blood Research, in one of the labs with Vladimir Koulchin of Chemonex LLC, left, and William Palin, a trustee and scientific director at FBR. Hospital mergers led to a loss of traditional physician and small hospital clients, forcing FBR to close its doors on June 30.
The former home of the shuttered Scarborough-based Foundation for Blood Research sold for $1 million to a Portland-based construction and development firm, Hardypond Development LLC.
The building, located at 1 and 8 Science Park Road in Scarborough, was auctioned by Tranzon Auction Properties on Aug. 10.
Foundation for Blood Research President and CEO Jane Sheehan told Mainebiz in July that the closure of the independent and nonprofit blood laboratory stemmed from the absorption of small hospitals and physicians by large hospitals, and the subsequent move of laboratory testing into those merged facilities, as the main reason for FBR's demise, which started about five years ago with the health care merger and acquisition trend.
Another drag on income was lower reimbursement rates for blood tests due to the Affordable Care Act.
“While disappointing, market dynamics dictated we had to close our doors. We feel fortunate we had the opportunity for an orderly closing. We really want to thank Greg Boulos from CBRE and our attorneys from Drummond Woodsum for all their assistance during this time,” Sheehan said in a statement about the sale. “We’re also very grateful to the whole Tranzon team for their skill and professionalism throughout the sale process. It’s a great result for all involved. They told us from the outset they’d do everything they could for us and they proved it in the end.”
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