Westport Center for Health sold for $18.7M
The Westport Center for Health has a new owner.
The 38,000 square foot medical office complex at 323-329 Riverside Ave. was sold to Healthcare Trust of America Inc. out of Scottsdale, Ariz., for $18.7 million.
A team of brokers from Newmark Knight Frank’s Boston Capital Market helped push the sale through.
"Westport Center for Health is one of Fairfield County's premier medical office campuses, boasting a blue-chip tenant roster in a truly beautiful setting overlooking the Saugatuck River, which provides virtually all tenants with water views,” said Michael Greeley, managing director, in a press release. “In a clear testament to the asset's truly irreplaceable location, some of the on-site doctors kayak along the river before and after work."
The property was previously owned by The Davis Companies out of Massachusetts, which purchased the complex in 2012. The Boston-based firm transformed the medical office complex in 2015 by demolishing one building of a five-building campus to convert the site into a four-building medical office complex with additional parking for medical office tenants.
"The Davis Companies should be commended for recognizing the need for a best-in-class medical office asset in a market where much of the supply is decades old, and for the successful execution of an ambitious healthcare conversion,” Greely said. “We congratulate Healthcare Trust of America as it continues to expand its Northeast medical office portfolio.
HTA, which invests in medical office space nationwide, owns properties in 32 states, including 31 sites and more than 975,000 square feet of space in Connecticut with a concentration in Hartford and New Haven.
The Westport Center is off Interstate 95 less than a mile from the train station and town center.
Yale New Haven Health’s Northeast Medical Group anchors the property.
Other tenants include Coastal Orthopedics, Westport Dermatology and Laser Center, Westport Dental Associates, Village Pediatrics, Professional Physical Therapy and Women’s Health Connecticut.