North Boston Medical Center

Haverhill , MA

Acquired June 2022

At a Glance

The asset was purpose-built for Anna Jacques Hospital (AJH), which is investment grade rated by Moody’s at Aa3. Built in 2017.

Investment Rationale

  • The Property is 100% leased with over 10 years of lease term guaranteed and backstopped by AJH.

  • The Property is strategically located in the affluent submarket of Haverhill, Massachusetts. Situated immediately off I-495 (78,000 vehicles per day) the Property has convenient freeway access to the northern Boston suburbs and southern New Hampshire suburbs, and experiences high drive by traffic to downtown Haverhill.

  • The surrounding area offers strong demographics with 5-mile median income of $82K, 5-mile median home values of ~$380K and positive population growth.

  • The two-story asset compares favorably to its competitive set of medical office buildings, that are mostly comprised of older assets, or properties that have been converted from traditional office or manufacturing facilities into medical office.

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