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Dedham MOB Sells For Record $515/SF

Dedham MOB Sells For Record $515/SF

40 Allied Drive, an MOB in Dedham, traded for $34M. The sellers, Shields Health Care Group, New England Baptist Hospital and a group of physicians, will still occupy most of the 66k SF building under a leaseback agreement. The three entities originally bought the building in 2013 to create a joint imaging and outpatient surgical center.

RREEF America, a Deutsche Asset Management affiliate, was the buyer, setting a CRE record in the Route 128 area of $515/SF, reports the Boston Business Journal. New England Baptist will take 25% of the proceeds, which will partly go to pay off loans taken out to update the property. Shields will take 33% of the sale and various physician groups and individual physicians will together take 42% of the sale price. [BBJ]