Newmark has successfully completed the $18.75 million sale of Westport Center for Health in Westport, Connecticut to Healthcare Trust of America, Inc. on behalf of The Davis Companies. Executive Managing Director Frank Nelson, Senior Managing Director Michael Greeley, Managing Director James Tribble and Senior Financial Analyst Casey O’Brien of Newmark’s Boston Capital Markets team - which is led by Co-Head of U.S. Capital Markets Robert Griffin - oversaw the transaction of the four-building medical office complex in conjunction with Senior Managing Directors Jennifer Schwartzman and Tim Rorick.
Located at 323-329 Riverside Avenue and totaling 38,000 square feet, Westport Center for Health is anchored by Yale New Haven Health’s Northeast Medical Group. The complex recently underwent an extensive renovation highlighted by the demolition of an entire building in order to convert the former five-building office campus into a four-building medical office complex with added parking to accommodate medical office tenants. Additionally, The Davis Companies completely reconfigured and renovated all building interiors to provide state-of-the-art medical office space.
“Westport Center for Health is one of Fairfield County’s premier medical office campuses, boasting a blue-chip tenant roster in a truly beautiful setting overlooking the Saugatuck River, which provides virtually all tenants with water views. In a clear testament to the asset’s truly irreplaceable location, some of the on-site doctors kayak along the river before and after work,” said Greeley. “The Davis Companies should be commended for recognizing the need for a best-in-class medical office asset in a market where much of the supply is decades old, and for the successful execution of an ambitious healthcare conversion. We congratulate Healthcare Trust of America as it continues to expand its Northeast medical office portfolio.”
Westport Center for Health is located in Fairfield County, a prestigious metropolitan New York City suburb. The property benefits from convenient access to New York City via Interstate 95, the Merritt Parkway and two Metro-North train stations.
About The Davis Companies
The Davis Companies is an integrated real estate investment, development and management firm headquartered in Boston that has invested more than $4 billion in gross asset value through real estate equity, debt and fixed-income securities. A combination of capital markets, development and management expertise allows The Davis Companies to nimbly tackle complex opportunities. Directly, and with its valued partners, The Davis Companies currently owns a real estate portfolio of approximately 12 million square feet of office, multifamily, retail, hospitality, light industrial, healthcare and life science properties across the Eastern United States. For further information, visit www.thedaviscompanies.com.
Newmark (“Newmark”), operated by Newmark Group, Inc. (“Newmark Group”) (NASDAQ: NMRK), is one of the world’s leading and most trusted commercial real estate advisory firms, offering a complete suite of services and products for both owners and occupiers. Together with London-based partner Knight Frank and independently-owned offices, Newmark’s 16,000 professionals operate from approximately 430 offices on six continents. Newmark’s investor/owner services and products include investment sales, agency leasing, property management, valuation and advisory, diligence, underwriting, government-sponsored enterprise lending, loan servicing, debt and structured finance and loan sales. Occupier services and products include tenant representation, real estate management technology systems, workplace and occupancy strategy, global corporate services consulting, project management, lease administration and facilities management. For further information, visit www.ngkf.com.
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