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Evergreen Medical Properties and Bain Capital Real Estate Acquire 12-Asset Medical Office Portfolio in Rhode Island and Massachusetts

October 26, 2021

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Evergreen Medical Properties and Bain Capital Real Estate Acquire  12-Asset Medical Office Portfolio in Rhode Island and Massachusetts

Atlanta and Boston, October 26, 2021 — Evergreen Medical Properties, a company that invests in, leases and manages healthcare facilities, and Bain Capital Real Estate, the real estate investing business of Bain Capital, today announced the acquisition of a medical office building portfolio consisting of 12 assets totaling 573,000 square feet along the I-95 corridor in Rhode Island and Massachusetts.  Financial terms of the private purchase from Albany Road Real Estate Partners were not disclosed. 

The diversified portfolio of outpatient medical office buildings features a dynamic tenant roster, including Lifespan, Rhode Island’s largest health system and private employer.  Other core tenants across the properties include Care New England, Southcoast Health and Brown Physicians, Inc.

“We are pleased to expand our relationship with Lifespan and partner with other leading (regional) health systems,” said Josh Richmond, President of Evergreen Medical Properties.  “We are committed to serving as a true value-added and solutions-oriented partner for healthcare providers.” 

Evergreen Medical Properties and Bain Capital Real Estate have 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.

“This acquisition is emblematic of our thematic approach to investing in medical office.  In this case, we identified a compelling opportunity to invest in a collection of quality outpatient assets with strong underlying fundamentals and a tenancy that includes the market’s leading healthcare providers,” said Elizabeth Carrillo Thomas, a Managing Director at Bain Capital Real Estate.  “We look forward to the continued growth of our partnership with the Evergreen Medical Properties team.” 

Newmark’s Healthcare Capital Markets team, led by Michael Greeley, advised the seller, Albany Road Real Estate Partners, and procured the buyer.

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.


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 https://www.baincapital.com/businesses/real-estate