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**Echo Real Estate Capital Sells Haverhill Medical Office Building for $9.57 Million**
Chicago-based Echo Real Estate Capital, Inc. has announced the sale of a medical office building located at 62 Brown Street in Haverhill, Massachusetts, for $9.57 million. The approximately 59,000-square-foot property is situated on the campus of the 122-bed Lawrence General Holy Family Hospital.
At the time of the sale, the facility was approximately 90% occupied, with a diverse tenant roster of 20 healthcare providers. Notable tenants include Revere Medical, Northeast Rehab, Mobility Bone and Joint Institute, and PhyNet Dermatology.
“We acquired the building in 2021, which was a much different investment climate,” said Jon Boyajian, principal at Echo Real Estate Capital. “Halfway through our redevelopment plan, Steward Health filed for bankruptcy, and the hospital transitioned ownership to Lawrence General. We fought our way through it, signing eight new leases and 21 lease renewals.”
Echo undertook several value-add initiatives during its ownership, including converting the building’s leasehold interest to fee-simple ownership, upgrading the common area lobby, and addressing deferred maintenance issues. Financing for the property was provided by Chicago-based Wintrust Bank.
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