825 Washington St, Norwood, MA, 02062-3441, US

Guild Medical Center

Asset Description

The Guild Medical Center, is a 92,398 square foot, campus-adjacent, medical office building located 13 miles southwest of Boston at 825 Washington Street in Norwood, Massachusetts. The 2022-renovated property is adjacent to the Steward Health Care operated Norwood Hospital, which renovations are projected to be completed in 2024. The asset’s in place cash flow would be complemented by a lease recasting upside opportunity within fundamentally sound medical office submarket with an average occupancy of 94.2 percent.

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Attributes

Building area Net

92,398 sf

Occupancy

100.00%

Year built

1914

Land area net

4.76 acres (207,346 sf)

Media

Investment Highlights

Attractive Location in the Boston Metro and Close

Proximity to Market Leading Hospital

11th-largest United States metropolitan area with a 2021 population of nearly 6.96 million residents
Average household income of $150,597 in a five-mile radius which is 54 percent more than the United States national average
Boston Metro is home to 18 Fortune 500 headquarters
The Property is adjacent to the Steward Health Care’s Norwood Hospital, which replacement hospital is scheduled to open in 2024. The Property is only 75 yards from the entrance, well within the 250-yard threshold for on campus reimbursement rates.

Meaningful Scale with 92,398 Rentable Square Feet

The Property boasts 92,398 rentable square feet making it one of the larger medical office buildings in the market
The Property boasts strong intial year one NOI with the potential to recast Steward’s master lease increasing base rent and rent escalations further driving NOI
Excellent opportunity to acquire an asset in a well occupied submarket
Opportunity to mark-to-market well below market in-place rents

High Quality Tenancy with Steward’s Must Take Commitment and Long-Term WALT

Steward’s master lease contractually obligates them to absorb any space vacated within the premises for the next 10.3 years
High quality tenancy from one of the market leading health systems and independent physician groups
7.0-years of WALT remaining provides financial stability across the asset
Tenants offer a host of in-demand services such as orthopedic surgery, pediatric neurology, ophthalmology, radiology, and orthopaedic rehabilitation among other key healthcare specialties