Bain Capital’s real estate arm and Evergreen Medical Properties have expanded their US investment partnership into Washington DC with the acquisition of a medical outpatient facility.
The partnership has acquired the 122,000sqft facility located at 2440 M Street in the West End of downtown Washington, DC.
The recently renovated property is 83% leased to a diverse mix of clinical tenants.
Joe Marconi, partner at Bain Capital, said: “Our expansion into the DC market represents a natural extension of our thematic investing approach and partnership with Evergreen, which seeks to identify and add value to high-quality medical outpatient facilities.
“Strategically located in the attractive West End submarket benefiting from its close proximity to George Washington University Hospital, we believe the facility is well-positioned to capture high-end, highly sought after providers while continuing to serve as a top destination for patients.”
Josh Richmond, president of Evergreen Medical Properties, said: “Evergreen Medical Properties is excited to enter the DC market through this destination medical outpatient building.
“As we earn the trust of local health systems and providers, we hope to expand our investments to others throughout the region.”
Bain Capital and Evergreen have built a portfolio of medical outpatient buildings in select US markets and are actively seeking to expand their current holdings of 34 facilities, totalling 1.5m sqft.
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