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PEABODY, MA-In a move that the city is touting as indicative of a growing medical market in the area, North Shore Orthopedics is buying a medical office building at the North Shore Mall for $5.5 million. The firm plans on converting the 50,000-sf facility into one of the state’s first ambulatory surgical center.

The building was formerly occupied by Blue Cross/Blue Shield and is adjacent to the Lahey Clinic and Macy’s. The renovation plan will include four surgical suites, medical offices, a pain clinic, rehab facility and MRI facility. The anchor tenant of the building will be Sports Medicine North, an orthopedic group specializing in all forms of orthopedics, sports medicine and pain management. Sports Medicine North will be relocating its office from Route 1 in Lynnfield to this facility upon its completion.

According to Dr. Jeff Polansky one of the partners of Sports Medicine North, “This project is significant because it will change the way service is delivered to patients in Massachusetts. This state-of-the-art facility, may serve as a model for other Massachusetts communities.”

City Mayor Michael Bonfanti notes that this deal is indicative of Peabody’s evolution into what he terms a “high-tech healthcare center.” He adds that these types of medical providers “are part of Peabody’s success. Peabody is known as a business friendly community and works hard to assist new businesses locating in our city.”

Brian Hines, principal, Michael Dalton, vice president and Debbie Howerton, senior associate of Trammell Crow Co. represented the seller, CHS Limited Partnership in the transaction as well as the buyer, North Shore Orthopedics LLC.This transaction involved the sale of the building and the remaining leasehold interest in a ground-lease. The transaction required a termination with an existing subtenant, a termination of a ground sublease and an extension with of the master ground lease from Simon Companies, the owners of the North Shore Mall.

Hines points out that “this deal is extremely significant given the current economic climate. It was also one of the most complex transactions I have been involved with in my 25 years and we give great credit to our client for their perseverance and ingenuity.”

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