Sendero, TPG Angelo Gordon Expand Rhode Island MOB Portfolio

Sendero Capital and TPG Angelo Gordon are growing their Rhode Island portfolio. The joint venture has acquired a 30,000-square-foot multi-specialty health-care facility in Warwick, R.I. NeuroHealth sold the Class B asset for $8.1 million, Kent County records show.

JLL Capital Markets advised the buyers in what is their fifth acquisition through their programmatic joint venture launched in July 2023. The investment vehicle was set to have the capacity of up to $300 million in investments in outpatient health-care real estate for a two-year period, with a focus on assets located throughout Northeastern U.S.

According to CommercialEdge, the property, which came online in 1998, was subject to two loans provided by Bank of America. The previous owner received $4.8 million in financing back in 2005 and 10 years later, an additional $300,000 in funding.

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The three-story building sits on 1.8 acres and offers controlled access and 122 car spots at a parking ratio of 4.7 spaces per 1,000 square feet. NeuroHealth is the property’s anchor tenant, occupying 40 percent of the building, which is fully leased. Rhode Island Medical Imaging and Care New England/Kent Hospital is another tenant that provides a variety of medical services, including imaging and family medicine.

The property is located at 227 Centerville Road, has access to interstates 95 and 295 and is less than 10 miles from downtown Providence and some 60 miles from Boston. Medical providers in the surrounding area include South County Health Medical & Wellness Center, CareWell Urgent Care Warwick and Oak Street Health Warwick Primary Care Clinic, among others.

The JLL Capital Markets team included Senior Managing Director Mindy Berman, Senior Director Anthony Sardo and Associate Landon Weaver.

The joint venture’s portfolio

As an addition to the portfolio of medical office buildings purchased through their joint venture, last August Sendero Capital and TPG Angelo Gordon acquired 2 Wake Robin Road, a 30,000-square-foot facility in Providence, R.I.

Their first purchase was a 53,120-square-foot medical office building in Hamden, Conn., which was anchored at the time of the sale by Hartford Healthcare and Yale New Haven Health. The partnership also expanded its footprint with 1 Hampton Road, an 82,000-square-foot property in Exeter, N.H.

In late 2023, the joint venture received a $75 million credit facility, in a transaction arranged by JLL Capital Markets. The credit was seeded with four assets totaling 201,369 square feet in Connecticut, Rhode Island and New Hampshire.