CONCORD, MA-As seller Normandy Real Estate Partners sees it, the sale of its Harvard Vanguard I Concord here to Cole Corporate Income Trust bespeaks the success of its vertically-integrated platform and build-to-suit development solutions. The process enabled Normandy to break ground on the 49,250-square-foot medical office building last spring “and deliver the project to our tenant in just over 12 months,” Normandy principal Justin Krebs says in a release.
Phoenix-based CCIT announced the acquisition last week as one of three properties it acquired for a total of $160 million. Normandy says Harvard Vanguard I, leased entirely to Harvard Vanguard Medical Associates, fetched $24.37 million of that tally.
“This asset is a testament to Normandy’s long-term vision for the Concord Meadows Corporate Center, which has continued to see strong leasing activity,” Robert E. Griffin Jr. of Cushman & Wakefield’s capital market team, who represented Normandy in the sale, says in a release. “Harvard Vanguard I Concord is the new crown jewel of the Route 2 medical corridor and is one of Massachusetts’ most desirable medical office properties.”
Located at 330 Baker Ave. within the Concord Meadows Corporate Center, the two-story Harvard Vanguard I lies within a growing healthcare cluster anchored by Emerson Hospital. Harvard Vanguard, which has a 17-year lease at the property, is scheduled to move in this month from an older facility across the street. The 630-physician, regional multi-specialty practice group is part of the Atrius Health network.
Krebs adds in the release to the sale of Harvard Vanguard I follows on “the significant leasing momentum at Concord Meadows Corporate Center, which also welcomed Welch’s corporate headquarters last spring.” Robert Corry, VP for office and industrial acquisitions at Cole Real Estate Investments Inc., represented CCIT in the deal. CCIT’s real estate portfolio now consists of 35 wholly owned properties across 17 states, totaling approximately 5.6 million square feet.