South Portland medical campus sells for $30M
Courtesy photo
A medical campus at 100 Foden Road in South Portland has been acquired by an out-of-state firm for $29.75 million.
An 8.4-acre medical campus in South Portland has sold for $29.75 million, seller and real estate developer East Brown Cow said Thursday morning.
The property at 100 Foden Road was purchased by Chicago-based Remedy Medical Properties Inc. Malone Commercial Brokers handled the transaction, which closed May 27.
The campus consists of two buildings, with a total of 76,700 square feet of space, and 299 parking spots, all in close proximity to area medical facilities. Primary tenants of the property include InterMed, a physician-owned medical group, and Chest Medicine Associates.
Constructed in 1985, the property was purchased in 2002 by Berman LLC, an affiliate of Portland-based East Brown Cow. The transaction is a rare move for the company, it said, because it traditionally purchases properties without intention to sell.
"This sale represents a thoughtful recalibration of our portfolio after a long-term hold of the Foden Road property,” said East Brown Cow President and CEO Tim Soley.
“At the time of closing, we had owned the property just days shy of 20 years. That time was an excellent exercise in learning and growing for us. While we are not transactional in our approach, our focus is gradually shifting away from management of suburban space such as Foden Road. Instead, we will be reinvesting this capital into East Brown Cow’s current and ongoing efforts to preserve and build meaningful connections within the urban fabric of Portland's fast-changing downtown.”
Jennifer Small and Joe Malone of Malone Commercial Brokers represented the seller and Peter Harrington of Malone Commercial Brokers represented the buyer.
Remedy Medical Properties owns more than 250 medical office buildings across several states, amounting to nearly 14.2 million square feet.
“The owner’s decision to sell the asset created a clear opportunity for the buyer to acquire a high-quality medical campus with a strong tenant as part of an off-market transaction,” said Small.
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