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November 21, 2024

Fully leased Stamford medical office building sold for $19.1M

Costar The Holly Pond Plaza, at 1281 East Main St., Stamford.
By Hanna Snyder Gambini

A medical office building in Stamford has been sold for more than $19 million.

The Holly Pond Plaza, at 1281 East Main St., was sold by Pittsburgh-based Boston HP LLC to AG-SC East Main Street Owner LLC for $19.1 million in a deal recorded Nov. 4.

The CBRE team of Jeff Dunne, Steve Bardsley and Travis Langer, in collaboration with Brannan Knott and Chris Bodnar of CBRE’s U.S. healthcare capital markets, represented the seller and procured the buyer in the deal

The building, managed by Faros Properties, was 100% leased at the time of the sale.

The purchase was a joint venture between Sendero Capital and TPG Angelo Gordon, a credit and real estate investing platform within TPG, according to CBRE.

Holly Pond is a 73,000-square-foot, multitenant outpatient medical building, home to three tenants. 

Summit Health, as Walgreens Boots Alliance, occupies roughly 50% of the building, along with Greenwich Hospital, as Yale New Haven Health, and Specialty Surgery Center of Connecticut. 

CBRE Vice Chairman Jeff Dunne said the building has a stable tenant mix in a tight medical office market, coupled with a favorable location directly on the Darien border and adjacent to I-95.

The medical office was built in 1981, and was previously sold for $14.25 million in 2007. Prior to that, a $12.75 million sale was recorded in 2005. The property has a total appraised value of $10.4 million.
 

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