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The first phase is for a 14-acre portion that received initial regulatory approval for 900,000 square feet of new development from the Boston Planning and Development Agency in March 2018.
"This portfolio offered the opportunity to buy a critical mass of medical assets with exposure to some of the top health systems in the country, including Advocate Aurora Health, Einstein Health and INOVA Health System," said Chris Bodnar, vice chairman of Capital Markets for CBRE.
Whether sale or refinancing, the underwriting focus has continued to keep healthcare lending disciplined, say panelists at a recent GlobeSt. Healthcare Real Estate conference.
Consumers have become largely focused on a holistic lifestyle that includes health and overall wellness and the demand has given new and existing retailers further incentive to invest in health and wellness.
Thanks to increased demand for healthcare services, the medical net lease sector will continue to offer steady cash flow and safe returns for investors.
The agreement puts the two health care institutions on a path toward reaching a Definitive Agreement, which they expect to reach within the coming months. The LOI follows a Request for Proposal released by Saint Peter's in October 2018 that it was considering a strategic partner.