December 23, 2020 12:00 PM
Newmark announces the $18.725 million sale of the Lifespan Ambulatory Care Center at 1454 South County Trail, a Class A medical office building located in East Greenwich, Rhode Island. Newmark Co-Head of U.S. Capital Markets Robert Griffin, Executive Managing Director Frank Nelson and Senior Managing Director Michael Greeley of the firm’s Capital Markets Group represented the seller, Albany Road Real Estate Partners, and procured the buyer, Anchor Health Properties and The Carlyle Group, in cooperation with Matthew Fair of Hayes & Sherry. Newmark Senior Financial Analyst Dominick Romano provided financial analysis support.
Comprising 48,307 square feet, 1454 South County Trail serves as a flagship clinical outpatient facility for Lifespan, the largest health system in Rhode Island. Notably, the asset houses a newly-expanded Cancer Center as well as one of the region’s preeminent cardiology groups.
“Already Rhode Island’s most desirable healthcare tenant, Lifespan is poised to become one of the largest academic medical center systems in New England,” said Michael. “It has a longstanding academic affiliation with Brown University and recently announced plans to merge with healthcare system Care New England as well as the state’s largest primary care provider, Coastal Medical. This asset will continue to be a model for outpatient care delivery across the expanded system.”
“We congratulate Anchor Health Properties and Carlyle on the addition of another best-in-market asset to their portfolio, and we appreciate their commitment to a smooth execution in this unusual climate,” added Michael.
Conveniently located off Interstate 95, South County Trail serves as a key healthcare corridor known as the “Medical Mile.” Nearby institutions include Care New England, Coastal Medical and the Greenwich Medical Center & Office Park, which hosts multiple healthcare providers offering a variety of medical specialties.
According to Newmark Research, the Lifespan Ambulatory Care Center at 1454 South County Trail is surrounded by a 10-mile population count of 288,700 people with an average household income of $95,700.
About Newmark (Nasdaq: NMRK)
Newmark Group, Inc., together with its subsidiaries (“Newmark”), is a world leader in commercial real estate services, with a comprehensive suite of investor/owner and occupier services and products. Our integrated platform seamlessly powers every phase of owning or occupying a property. Our services are tailored to every type of client, from owners to occupiers, investors to founders, growing startups to leading companies. Harnessing the power of data, technology, and industry expertise, we bring ingenuity to every exchange, and imagination to every space. Together with London-based partner Knight Frank and independently owned offices, our 18,800 professionals operate from approximately 500 offices around the world, delivering a global perspective and a nimble approach. In 2019, Newmark generated revenues in excess of $2.2 billion. To learn more, visit nmrk.com or follow @newmark.
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