Haverhill, MA

Value-Add Multi-Tenant Medical Office Building

62 Brown St. | Haverhill, MA

  • Property Type

    On-Campus Multi-Tenant Medical Office Building

  • Size

    55,608 Square Feet

  • Key Tenants

    Steward Medical Group, PhyNet Dermatology, Quest Diagnostics, Lahey Health Behavioral Services

  • Transaction Value

    $7,500,000

THE ASSET

  • Over 50,000 SF multi-tenant medical office building anchored by Steward Medical Group and directly connected to Holy Family Hospital, a 122-bed, full-service acute care hospital that is part of the Steward network, the largest private hospital operator in the country.

THE OPPORTUNITY

  • Create value through leasing vacancy, which was approximately 30% at acquisition, and implement sophisticated property/asset management.
  • Update the property with both capital improvements in common corridors as well as update and rehabilitate tenant suites.

THE RESULT

  • Currently executing our business plan for the asset, including maintaining & improving the asset with several capital projects including new parking lot and cosmetic updates to common areas.
  • Within 60 days of ownership there are two new extensions with current tenancy.
  • Hired a third-party leasing firm, which was not previously engaged with previous ownership, who conduct in-house leasing.