April 13, 2020 Comments Off on Providence MOB Trades in 1031 Exchange Views: 672 Boston New England News, New England

Providence MOB Trades in 1031 Exchange

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NKF closed on the $3.5-million sale of a medical office building at 111 Plain St. in Providence, RI, on behalf of Legacy Real Estate Ventures to Eastie Realty, LLC. Totaling 13,818 square feet, 111 Plain St. is fully leased to Rhode Island Hospital, the flagship hospital of Lifespan Health System.

Boston-based associates Joseph Alvarado, George Demoulas and Casey Valente of NKF’s Private Capital Group oversaw the MOB sale. The Private Capital Group is led by Robert Griffin and Michael Greeley, who is also part of NKF’s Boston-based Medical-Academic Practice Group.

“111 Plain St. is a highly desirable, on-campus medical office building and a great fit for the buyer’s 1031 requirement,” said Greeley. “The seller owned the property for the past 11 years, meeting the hospital’s expansion needs and coordinating all aspects of property management through its affiliate, Eastport Real Estate Services.”

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