Maryland investor expands Mass. holdings with $17.6M Southborough medical building
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24-32 Newton St., Southborough
Maryland-based Thomas Park Investments purchased its third Massachusetts property with a Reliant Medical Group-anchored medical building in Southborough, where it plans to invest $10 million.
The 121,000-square-foot medical office building at 24-32 Newton St. was purchased from Planning Realty LLC of Framingham for $17.6 million in a transaction recorded on Wednesday by the Worcester District Registry of Deeds.
The manager of Planning Realty LLC is Shu May Kwan of Framingham, according to filings with the Massachusetts Secretary of the Commonwealth.
Under the new owner, the building will undergo $10 million in renovations to improve patient experience, according to the investment firm’s website.
In addition to Reliant, tenants include Walgreens and Worcester-based UMass Memorial Health.
Both of the other Massachusetts properties Thomas Park Investments owns are medical office buildings: Merrimack Medical Center in Haverhill, purchased in 2021, and 223 Chief Justice Cushing Highway in Cohasset, acquired in 2022.
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