Chicago-based Echo Real Estate Capital, Inc. has sold an on-campus medical office building for $9.57 million. The property is approximately 59,000 square feet and is located at 62 Brown St. in Haverhill, MA on the campus of the 122-bed Lawrence General Holy Family Hospital.
The building was approximately 90% occupied at the time of sale by 20 tenants, including Revere Medical, Northeast Rehab, Mobility Bone and Joint Institute, and PhyNet Dermatology.
“We acquired the building in 2021, which was a much different investment climate,” said Echo principal Jon Boyajian. “Halfway through our redevelopment plan, Steward Health filed for bankruptcy, and the hospital transitioned ownership to Lawrence General. We fought our way through it, signing eight new leases and 21 lease renewals.”
The value-add initiatives completed by Echo included conversion of leasehold ownership to fee-simple interest, common area lobby upgrades, and minor deferred maintenance repairs. The lender on the property was Chicago based Wintrust Bank.
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