Listed by Matthews
$27,604,857
Spire Orthopedic Partners | 14+ Yr NNN | ASC
Details
Property Type Office
Sub Type Medical Office
Square Footage 48,920
Cap Rate 7.00%
NOI $1,932,340
Occupancy 100%
Tenancy Single
Lease Type NNN
Lease Expiration 08/31/2040
Remaining Term 14.2
Rent Bumps Yes
Lease Options 2, 5-Year Options
Price per SqFt $564
Broker Co-Op Yes
Year Built 1984
Year Renovated 2004, 2021
Buildings 1
Stories 3
Acreage 3.450
Parking Spaces spaces
Investment Type Net Lease
Tenant Credit Corporate Guarantee
Lease Commencement 09/01/2025
Ground Lease Yes
Boston MSA | Flagship Location | 3% Annual Increases | Favorable Depreciation
Investment highlights
- Strong 40 Location Growing Regional Operator – The tenant, Spire Orthopedic Partners, one of the leading orthopedic platforms in the Northeast, has more than 165 physicians, roughly 1,800 employees, and 40 locations across Massachusetts, New York, Connecticut, and Rhode Island.
- Long-Term Lease – The property is secured by a long-term lease with over 14 years of base term remaining, providing investors with a guaranteed income stream for the long term.
- $3.5MM Tenant Funded Surgery Expansion in 2026 – The facility currently includes five operating rooms, consisting of three Class C operating rooms and two procedure rooms. The tenant plans to complete renovations in 2026 to convert the two procedure rooms into Class C operating rooms and add one additional procedure room, bringing the total to five Class C operating rooms and one procedure room. In addition, the tenant will convert all administrative space on the top floor into additional exam rooms and expand the existing decontamination room. The total renovation budget is $3.5MM and will be fully funded by the tenant. This level of capital investment underscores the strategic importance of this location to the tenant’s long term operations.
- Significant Recent Landlord Capital Investment – Ownership has invested approximately $793,000 into major capital improvements at the property over the last several years. These upgrades were completed recently and meaningfully reduce near term capital exposure for a new investor. The scope of work reflects a strong ongoing commitment by the landlord to the quality of the asset.
- New Roof with Long Term Warranty – The property features a new roof installed in April 2021 at a cost of $153,300. The roof is backed by a 20-year manufacturer warranty with no dollar limit, providing long term protection and minimizing future replacement risk. This improvement enhances durability and long term asset performance.
Listing Contacts
Listed by Matthews
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Loan Amount
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Annual Debt Service
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Annual Cash Flow
$1,932,340.00
$161,028.33/mo
Valuation Metrics
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DSCR
7%
Cap Rate
7%
ROI
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