A Chicago-based real estate investment firm has purchased a medical complex in South Portland for nearly $30 million.
Remedy Medical Properties acquired the complex at 100 Foden Road, which houses tenants that include InterMed and MaineHealth, from real estate developer East Brown Cow for $29.8 million, according to a statement issued Thursday by the seller and its real estate broker, Portland-based Malone Commercial Brokers.
The roughly 77,000-square-foot medical campus sits on 8.4 acres and consists of two buildings and roughly 300 parking spaces, it said, adding that Portland-based East Brown Cow had owned the property for almost 20 years.
The sale is a rare move for the Portland company, which traditionally buys properties without the intent to sell, according to the statement.
Tim Soley, president and CEO of East Brown Cow, said the sale represents a “recalibration” of the company’s portfolio.
“While we are not transactional in our approach, our focus is gradually shifting away from management of suburban space such as Foden Road,” Soley said in a statement. “Instead, we will be reinvesting this capital into East Brown Cow’s current and ongoing efforts to preserve and build meaningful connections within the urban fabric of Portland’s fast-changing downtown.”
Remedy Medical Properties owns more than 250 medical office buildings across the country. Last month, the firm paid $91 million for eight other medical office buildings.
East Brown Cow manages about 25 sites in Portland and South Portland, including over 1.2 million square feet of mixed-use office, retail, hospitality space and structured parking, the company’s statement said.
There are no expected changes for the tenants of 100 Foden Road, it said.