Chicago, IL – October 3, 2017 – BGL Real Estate Partners (BGLREP), a division of Brown Gibbons Lang & Company (BGL), is pleased to announce the real estate sale of the RiverBend Medical Group Portfolio, with locations in Chicopee, MA, Springfield, MA, and Agawam, MA to a private equity healthcare real estate sponsor. BGLREP’s National Healthcare Real Estate group served as the exclusive advisors to the seller in the transaction.
The RiverBend Medical Group Portfolio consists of three medical office buildings totaling approximately 138,000 square feet that are strategically located to serve the residents of western New England. The Portfolio is 100% occupied by RiverBend Medical Group, an affiliate of Trinity Health, and the largest group practice in the Pioneer Valley with eight locations and over 100 providers across multiple specialties. The locations are approximately 10 – 15 miles north of Hartford-Springfield’s airport, Bradley International Airport, and provide convenient access to Mercy Medical Center and Baystate Medical Center where the physicians of RiverBend Medical Group provide inpatient services.
BGLREP has completed 40 healthcare real estate sale transactions over the past 24 months for a total value of nearly $750 million. BGLREP’s National Healthcare Practice specializes in representing and advising owners of healthcare real estate through a variety of transaction structures, including tax-deferred transactions, such as an UPREIT or a §1031 like-kind exchange, as well as an outright sale or equity recapitalization that enables owners to capitalize on current investment demand and historically high valuations while retaining a reduced level of real estate ownership.