Rock Row developer buys Westbrook office building to complement pending medical campus
Courtesy / The Boulos Co.
Proximity of a 30,200-square-foot medical office building, seen here in 2022, is expected to complement medical care facilities being created at Rock Row two miles away.
Waterstone Properties Group Inc. deemed a 30,200-square-foot medical office building in Westbrook a good complement to its Rock Row medical campus about two miles away.
Waterstone bought 40 Park Road from Mercy Hospital for $3.45 million.
Mark Malone of Malone Commercial Brokers represented the buyer and Drew Sigfridson of the Boulos Co. represented the seller.
“The process is well underway to determine the highest and best use for this property,” Josh Levy, Waterstone’s CEO, told Mainebiz.
The seller
The seller, Northern Light Health system, is the parent of Mercy Hospital. The hospital system most recently used 40 Park Road for administrative staff, said Ed Gilman, a Northern Light spokesperson.
“We no longer needed the space due to the development of new office space [at 225 Gorham Road] in South Portland for our teams,” Gilman said.
Some of the personnel went to work at the newly remodeled space and others now work remotely, he added.
The property includes almost five acres.
The buyer
Waterstone has been in the process of creating the Rock Row Medical and Research Campus for two years, as an integrated “patient-centric” medical environment. The campus is considered to be a key part of the Rock Row’s “Live-Work-Play-Stay ecosystem,” said Levy.
The proximity of the building to Rock Row is expected to complement the medical care facilities being created there. That includes the anchor tenant, New England Cancer Specialists, an affiliate of Dana-Farber Institute. The 200,000-square-foot medical campus will also include primary care, imaging services, physical therapy and other practices.
The goal for 40 Park Road is to keep it in the health care space, said Levy.
“As always, we are committed to Westbrook in the long term and want to invest in other parts of the community, in addition to Rock Row,” he said.
The region has a “growing need for medical services” due to an expanding aging demographic and a surge in residential development attracting more residents to Westbrook, he continued.
Most recently, the building was used by Mercy Hospital administrative staff. It’s in excellent condition, “just waiting to be reimagined for community service health care,” Levy said.
There’s no firm timeline for that process, he indicated.
The transaction was straightforward.
“Machias Savings Bank assisted with the financing and Northern Light’s real estate team managed the transaction for us,” Levy said. “We value our partnership with Northern Light Mercy Hospital, and we were glad that this new partnership fit into Northern Light’s own business plan and strategy.”
Most Recent
Most Recent
0 Comments