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October 12, 2023 Deal Watch

Joint venture buys Torrington medical office buildings as part of $300M Northeast investment push

COSTAR 245 Alvord Park Road, Torrington.

A joint initiative by New York- and Boston-based investment firms recently paid $8.15 million for two Torrington medical office buildings as part of a drive to invest in outpatient healthcare real estate in the Northeast. 

Sendero Capital and investment manager Angelo Gordon purchased the two buildings at 245 Alvord Park Road, according to JLL Capital Markets, which helped broker the deal. The 5.4-acre property hosts a 22,261-square-foot medical office completed in 2002, and a 15,470-square-foot medical office completed in 1997. 

JLL, in June, announced it had arranged a joint venture between Sendero and Angelo Gordon to buy up to $300 million in outpatient healthcare real estate over the next two years. The venture, according to JLL, focuses on outpatient medical office and surgery centers throughout the Northeast. 

JLL notes the region has high barriers to entry, strong growth and one of the largest concentrations of healthcare businesses in the nation. 

The joint initiative made its first acquisition in June, with an $8.9 million purchase of a nearly 54,000-square-foot medical building in Hamden that was 88% occupied by Hartford Healthcare, Yale New Haven Health and a variety of smaller medical practices. 

The Torrington purchase is the fourth for the partners, according to JLL. 

The Torrington property was sold by IJAN 2 CT REALTY LLC, whose principals are Irwin Stockel, of Bridgeport, and Jon R. Stockel, of Armonk, New York. They paid $6.5 million for the property in 2017. 

The buildings are fully leased to Litchfield Hills Orthopedic Associates as well as endoscopy and physical therapy tenants, according to JLL. Hartford HealthCare recently acquired a majority stake in the Litchfield Hills Surgery Center, and will invest $2.75 million in renovations, equipment and technology, JLL said. 

The JLL Capital Markets team was led by Brannan Knott, Mindy Berman, Anthony Sardo and Landon Weaver.

Sendero Capital is a privately held real estate investment, development and advisory firm based in Boston. Angelo Gordon is a New York-based alternative investment firm that says it has about $74 billion in assets under management. 

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