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Newmark Capital Markets has successfully completed the sale of Norwood Medical Center at 825 Washington Street in Norwood, Massachusetts to an affiliate of Thor Equities for $23.5 million. On behalf of Grander Capital Partners, Newmark Capital Markets Executive Managing Director Frank Nelson, Managing Director Michael Greeley, Director James Tribble and Senior Analyst Casey O’Brien of the Boston office, which is led by Co-Head of U.S. Capital Markets Robert Griffin, oversaw the transaction of the medical office building.
Totaling 92,400 square feet, Norwood Medical Center is anchored by Steward Health Care. The asset benefits from exceptional synergies with the adjacent Steward Norwood Hospital, serving as its primary medical office and outpatient services complex.
“Norwood Medical Center at 825 Washington Street is a quintessential on-campus, multi-tenant medical office building anchored by Steward Health Care on a long-term basis. We commend Grander Capital on an effective repositioning of the asset, including significantly expanding Steward Norwood Hospital’s future presence in the building, and congratulate Thor Equities on this unique acquisition opportunity,” said Greeley. “Medical office properties in Greater Boston, especially those with hospital tenancy and on-campus locations, stand to outperform the commercial real estate market throughout all economic cycles.”
Norwood Medical Center is strategically situated near Route 1, a major retail corridor, and within five miles of University Station and Legacy Place, two major shopping, dining and entertainment complexes. The property is also located within a five-minute walk of the MBTA’s Norwood Central commuter rail station and within a 10-minute drive of Interstate 95 (Route 128).
About Newmark Capital Markets
Newmark Capital Markets, operated by Newmark Group, Inc., is one of the world’s leading commercial real estate advisory firms. Together with London-based partner Knight Frank and independently-owned offices, our 16,000 professionals operate from approximately 430 offices in established and emerging property markets on six continents.
We provide access to a wide range of services, including asset sales, sale leasebacks, mortgage and entity-level financing, equity raising, underwriting and due diligence. The transactions we broker involve vacant land, new real estate developments and existing buildings. We specialize in arranging financing for most types of value-added commercial real estate, including land, condominium conversions, subdivisions, office, retail, industrial, multifamily, student housing, hotels, data center, healthcare, self-storage and special use. For further information, visit www.ngkf.com/capitalmarkets.
Newmark Group, Inc., which is listed on the NASDAQ Global Select Market under the symbol “NMRK”, is a publicly traded subsidiary of BGC Partners, Inc. (“BGC”), a leading global brokerage company servicing the financial and real estate markets. BGC’s common stock trades on the NASDAQ Global Select Market under the ticker symbol “BGCP”. BGC also has an outstanding bond issuance of Senior Notes due June 15, 2042, which trade on the New York Stock Exchange under the symbol “BGCA”.
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