Principal Real Estate Investors has purchased a 59,205-square-foot medical office building that houses a surgery center that opened in early 2021, the New England Real Estate Journal reported Feb. 4.
Four notes:
1. The property was sold for $24.9 million by a joint venture led by Shields ASC, a subsidiary of Quincy, Mass.-based Shields Health Care Group. The group purchased the property in 2019.
2. The real estate is anchored by New England Surgical Suites and Orthopedics New England.
3. New England Surgical Suites is a joint-venture ASC that comprises Shields Health Care Group, Worcester, Mass.-based Reliant Medical Group and 12 local surgeons.
4. Shields' sale of the property reflects its strategic approach to asset management, which prioritizes high returns for physician investors, according to the report.