Remedy Pays $30M for Maine Medical Campus

100 Foden Road

Remedy Medical Properties has acquired a 76,672-square-foot medical campus in South Portland, Maine, for $29.8 million. East Brown Cow previously acquired the property in 2002 for $7 million, CommercialEdge data shows. Vitalis Healthcare Real Estate Analyst & Acquisitions Heather Haley advised the buyer on the off-market transaction.

Completed in 1985, the campus spans 8.4 acres and comprises two low-rise medical office buildings and 299 parking spaces. On-site medical services feature radiology, cardiology, sports medicine and diagnostic imaging, among others.

InterMed is the property’s anchor tenant; the physician-owned medical group occupies 80 percent of the total square footage under a long-term lease. The tenant roster also includes Chest Medicine Associates, according to CommercialEdge.

Located at 100 Foden Road, the property is within 5 miles of South Portland city center, near interstates 95 and 295. Maine Medical Center and The Barbara Bush Children’s Hospital are within 4.5 miles.

Currently, Remedy Medical Properties owns more than 250 medical office buildings across several states, amounting to nearly 14.2 million square feet, according to CommercialEdge data. Last month, the company paid $91 million for eight medical office buildings, totaling 177,000 square feet, that were acquired in partnership with Kayne Anderson Real Estate.