RREEF Property Trust Buys Medical Office Building Outside Boston
RREEF Property Trust Inc. (ZRPTAX, ZRPTIX, ZRPTTX), a publicly registered, non-listed, daily NAV real estate investment trust, purchased a class A medical office building in Dedham, Massachusetts outside of Boston. The property was purchased for $34 million, according to a filing with the Securities and Exchange Commission.
Located at 40 Allied Drive, the fully-leased 64,000-square-foot property was built in 2013 by the Greater Boston Musculoskeletal Company. It houses the New England Baptist Outpatient Care Center which provides a full spectrum of orthopedic-related services, and is anchored by New England Baptist Hospital, a provider of orthopedic surgery and musculoskeletal treatment. Situated off Route 128/I-95, the property is less than 20 miles from central Boston, accessible via commuter rail and positioned less than 1 mile from the area’s shopping, dining and entertainment center.
“Strong demand in the medical office building market has been driven by macro-economic tailwinds, specifically the Affordable Care Act and the aging population,” said Todd Henderson, chairman of the board of RREEF Property Trust and head of real estate, Americas, at Deutsche Asset Management. “Rising health care costs and technological changes are also pushing outpatient care into medical office buildings, which offer better cost efficiencies compared to hospital facilities.”
RREEF Property Trust employs a blended investment strategy that includes commercial real estate, publicly-traded real estate securities, real estate-related debt and cash and cash equivalents. The company focuses primarily on U.S. commercial real estate assets selected from the industrial, retail, office, and multifamily sectors. RREEF Property Trust commenced its initial public offering in May 2013 and has raised $102.8 million since its last quarterly filing with the SEC.
