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Asking Price Contact for pricing
NOI Net Operating Income N/A
Cap Rate N/A

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Key facts

Building Area

Property description

JLL is pleased to offer for sale a 100 percent fee simple interest in Milford Regional Health Complex in Northbridge, Massachusetts (the “Property” or “Buildings”). The Property is located in the expanding Worcester metropolitan statistical area (“MSA”) that has benefited from the rapid growth of the city of Boston less than one hour away.


The Property consists of two buildings that total 38,401 rentable square feet. 100 Commerce Drive was constructed at the request of Milford Regional Medical Center (“MRMC”) in 2014 and 200 Commerce Drive was added in 2016 to accommodate MRMC’s need for additional space. The Buildings are among the most recently constructed in the submarket and the exceptional quality insulates the Buildings from competition. MRMC directly occupies or guaranties 83 percent of the rentable area under three leases with 13.8 years of WALT remaining. The remaining nine percent of occupied area is leased to Interscope, Inc. under a new, seven year lease.


The recently constructed Buildings are of the highest quality in the submarket and feature desirable health system tenancy and critical medical uses. The Property is available fee simple and free and clear of any mortgage debt.

Investment highlights

STRONG OCCUPANCY WITH UPSIDE POTENTIAL

  • 92% occupancy with 13-year WALT provides a rare lease-up opportunity without rollover risk
  • 83% health system occupancy from MRMC with 13.8 years of WALT


PURPOSE BUILT ASSET WITH SYNERGISTIC SPECIALTIES AND SERVICES

  • Constructed in 2014 and 2016 at the request of MRMC with no alternatives in the submarket
  • Critical uses drive inpatient demand to MRMC’s main hospital including urgent care, X-ray and lab services
  • Complementary specialties on site with family medicine, OB/GYN, occupational health, rehabilitation and sports medicine


RESILIENT AND WELL-PERFORMING TENANTS

  • Milford Regional Medical Center, Inc. (S&P BB+) is a non-profit health system anchored by Milford Regional Medical Center, a 149-bed teaching hospital located 6 miles from the Property
  • MRMC maintains various partnerships with Partners Healthcare, Dana-Farber, and UMass Memorial Health Care, helping drive strong hospital net patient service revenue growth of 10.9 percent over the last six years to $263 million today.
  • Interscope, Inc. is a medical device company with Phase III approval from the United States Food and Drug Administration (“FDA”) for its novel EndoRotor® System


EXCEPTIONAL HEALTHCARE DEMAND DRIVERS IN THE LOCAL MARKET

  • Strong local demographics with an average household income of $125,000 and a population of over 51,000 within 5 miles
  • Northbridge population growth rate projected at 0.7% annually from 2020 to 2025
  • The share of the population 55 years and older is expected to grow from 30.9% to 33.0%, a desirable demographic shift for the healthcare industry
Last Updated Date: 13 Aug 2021
Anthony Sardo
Anthony Sardo
Director, Capital Markets
Brannan Knott
Brannan Knott
Senior Director, Capital Markets

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Last Updated Date: 13 Aug 2021

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