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Bain Capital Real Estate and Evergreen Medical Properties Acquire Two Medical Office Buildings

October 5, 2021

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Bain Capital Real Estate and Evergreen Medical Properties Acquire Two Medical Office Buildings

BOSTON and DENVER, October 5, 2021 — Bain Capital Real Estate, the real estate investing business of Bain Capital, and Evergreen Medical Properties, a company that invests in, leases and manages healthcare facilities, today announced the acquisition of two properties in suburban St. Louis, Missouri and in Providence, Rhode Island with a combined total of over 72,000 square feet.  Financial terms of the private purchases were not disclosed. 

Bain Capital Real Estate and Evergreen Medical Properties formed a joint venture to acquire, renovate and operate institutional quality healthcare real estate in select markets throughout the U.S.  The joint venture focuses on mission critical outpatient medical office buildings.

The St. Louis area property is located at 1815 Clarkson Road.  The state-of-the-art medical office building is anchored by the Pepose Vision Institute, a leading eye care practice, and Mid America Surgery Center, a premier ambulatory surgery center.  The facility was built in 2007 as a comprehensive ophthalmic care and surgery center location, and is 100 percent leased. 

The Providence, RI property is Oak Hill Place, well-located just off Route 1, within minutes of downtown Providence and less than an hour from Boston via Interstate 95.  The anchor tenant is Lifespan Physician’s Group, the largest multispecialty practice in Rhode Island, and part of the Lifespan Health System, Rhode Island’s largest health system and private employer.  Oak Hill Medical Building is located less than two miles from Lifespan’s Miriam Hospital, the teaching affiliate for Brown University, and just five miles from Rhode Island Hospital, Lifespan’s flagship teaching facility.  The property was fully renovated in 1998 and is currently 96% occupied.  

“With the continued shift in healthcare delivery to outpatient settings for better outcomes and lower cost, we believe these high-quality properties represent a compelling opportunity to execute on our thematic and customer-focused investment strategy,” said Elizabeth Carrillo Thomas, a Managing Director at Bain Capital Real Estate.  “We look forward to a lasting partnership with Evergreen Medical Properties in which we will continue to leverage our combined healthcare expertise to drive significant value creation through strategic capital, operational improvements and a partnership approach with healthcare providers.” 

“We are excited to build upon our partnership with the Bain Capital Real Estate team and grow our platform with these best-in-class medical office buildings,” said Josh Richmond, President of Evergreen Medical Properties.  “As a long-term real estate investor focused exclusively on the healthcare industry, we emphasize lasting relationships with our health system and physician group partners and seek to be a true value-add and solutions oriented resource.” 

Bain Capital Real Estate’s total healthcare investment activities have encompassed approximately 8 million square feet in medical office, life science and space, and senior living communities.

About Bain Capital Real Estate
Bain Capital Real Estate was formed in 2018 and pursues investments in often hard-to-access sectors underpinned by enduring secular trends that drive long-term demand growth for real estate assets and services. The Bain Capital Real Estate team has been executing its strategy since 2010 (formerly as a part of Harvard Management Company), having invested over $5.2 billion of equity as of March 31, 2021 in over 475 assets across multiple sectors. Bain Capital Real Estate focuses on small to mid-sized assets where the team applies its deep industry expertise to accelerate impact and drive operational improvements. Bain Capital Real Estate’s strategy aligns with the value-added investment approach that Bain Capital pioneered and leverages the firm’s global platform and significant experience across asset classes to further bolster its insights and sourcing capabilities. For more information, visit  

About Evergreen Medical Properties 
Evergreen Medical Properties, with offices in both Denver and Atlanta, is a full-service real estate operating company that invests, leases and manages healthcare facilities across the United States. Evergreen uses a collaborative approach to invest in strategic healthcare real estate in order to align interests and build genuine relationships with health systems and providers.  Evergreen seeks to unlock capital, enhance the operating flexibility of its partners and create durable, long-term value in each of its healthcare real estate investments.