Natick medical office sold for $25M
Photo | Courtesy of Newmark
A medical office next to the Natick Mall on Speen Street sold for $25 million.
A nearly 60,000-square-foot Class A medical office building in Natick sold for $25 million, less than a month after the sale of a 94,000-square-foot chunk of the Natick Mall, which is located across the street.
The medical office building at 313 Speen St. was sold by Shields Health Care Group, a Quincy-based medical firm with several locations throughout Central Massachusetts, according to a Friday press release from Newmark Group, Inc, who brokered the deal and has offices in Boston.
The office was bought by Principal Real Estate Investors, an Iowa-based real estate giant with more than $90 billion in assets under management, per the firm's website.
In December, Neiman Marcus sold its unit in the Natick Mall at 310 Speen St. for $12.6 million. It was sold to The Bulfinch Cos. of Boston, who has not yet disclosed plans for the site.
Shields bought the 1.5-acre property in 2019 for $11.5 million, and it is now assessed by the Town of Natick at $9.7 million.
The building is 96% leased, anchored by New England Surgical Suites and Orthopedics New England, according to Newmark.
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