Sendero, Angelo Gordon Expand Medical Office Portfolio

2 Wake Robin Road was 96 percent leased at the time of sale. Image courtesy of JLL Capital Markets

Sendero Capital and Angelo Gordon have acquired 2 Wake Robin Road, a 30,000-square-foot medical office building in Providence, R.I. A private owner sold the asset, according to CommercialEdge information. JLL Capital Markets and Colliers represented the buyer.

The same source shows the property previously traded in 2019, when it was purchased for $7 million from Asthma & Allergy Physicians of Rhode Island. The following year, the asset became subject to a $5.3 million loan provided by Bank Rhode Island.

The current transaction is the second purchase of the joint venture, which was announced in early July. The partnership’s first acquisition involved a 53,120-square-foot medical facility in Hamden, Conn.

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The two-story, Class B building came online in 2006 on 2.7 acres. The property has two passenger elevators, controlled access and 149 car parking spaces. Services provided include urgent and primary care, imaging, pediatric care, physical therapy and pathology.

The facility was 96 percent leased at the time of sale, with a tenant roster featuring Lifespan Health System, Lincoln Urgent Care, George Washington Medical Center and Endocrine Treatment Centers, among others.

The JLL team which negotiated on behalf of the buyer included Managing Director Brannan Knott, Senior Managing Director Mindy Berman and Director Anthony Sardo.

Over a 12-month period ending in August, 12 medical office properties totaling 741,116 square feet have changed hands in the Providence market, according to CommercialEdge data.

Medical office asset near North Central State Airport

The facility is near North Central State Airport and less than 10 miles from downtown Providence. NRI Internal Medicine, Village Medical and Cumberland Medical Center are some of the surrounding area’s medical providers.

While the office sector faces headwinds, health-care real estate is still in demand due to the aging population and technological advances in the medical field. The price per square foot for medical offices was $100 higher than the national average registered for traditional office assets, reaching $296 in the first half of 2023, a recent CommercialEdge report reveals.