40 Park Road, Westbrook
Waterstone Properties Group Inc. is doubling down on Westbrook's healthcare boom with their recent $3.45 million acquisition of 40 Park Road - a 30,200 sq ft medical office building about 2 miles from their Rock Row medical campus.
Mark Malone of Malone Commercial Brokers represented the buyer, Waterstone, in the deal, while Drew Sigfridson of Boulos Co. represented the seller Northern Light Health's Mercy Hospital.
"The process is well underway to determine the highest and best use for this property," Josh Levy, Waterstone's CEO, told Mainebiz.
The 40 Park Road property had been utilized by Mercy for administrative offices before they consolidated space elsewhere. The nearly 5-acre site provides an ideal opportunity for Waterstone to develop new community-focused healthcare offerings close to Rock Row.
While usage plans are still being determined, the "building is in excellent condition, just waiting to be reimagined for community service health care," Levy said. The goal is to complement the 200,000 sq ft Rock Row Medical & Research Campus currently taking shape.
This anchor campus will offer integrated, patient-centric care with tenants like New England Cancer Specialists along with primary care, imaging, therapy and other specialty practices. "As always, we are committed to Westbrook in the long term and want to invest in other parts of the community, in addition to Rock Row," he said.
With key deals like 40 Park Road, Waterstone is solidifying Westbrook as a major suburban healthcare destination alongside their transformative Rock Row development. Stay tuned for more on their plans!
Read full MaineBiz article HERE