Normandy Scores Sale Success with Boston BTS MOB

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.