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981 Worcester St, Wellesley...

Updated Oct 29, 2024

CEA Wellesley Trust Leases 9843 Square Feet To The Vascular Care Group In Wellesley
LEASEDMedical Office

CEA Wellesley Trust Leases 9843 Square Feet To The Vascular Care Group In Wellesley

981 Worcester St, Wellesley, MA, 02482

Building Size

9,843 SF

Asset Type

Medical Office

Closing

Nov 19, 2023

About this deal

AI

The property involved in this transaction is located at 981 Worcester St, Wellesley, MA, 02482. It consists of a two-story, Class A office building totaling 28,120 square feet, with 9,843 square feet leased to The Vascular Care Group. The building features Route 9 visibility and frontage, signaled left-hand turn access, oversized windows, and 12-foot clear ceiling heights. The lease reflects a move toward converting the property to medical office use.

Summary of transaction details:

  • Property Type: Lease
  • Transaction Amount: Not disclosed
  • Address: 981 Worcester St, Wellesley, MA, 02482
  • Market: Wellesley
  • Landlord: CEA Wellesley Trust
  • Tenant: The Vascular Care Group
  • Landlord's Representative: Daniel Krysiak - Newmark Knight Frank
  • Square Feet: 9843

Dan Krysiak and Michael Greeley from Newmark represented the landlord, CEA Wellesley Trust, in this lease transaction. Michael Milano of Spinnaker Healthcare Advisors acted as an advisor to the tenant, The Vascular Care Group. This leasing follows a previous transaction where Newmark secured an 8,017-square-foot lease with Fresenius Kidney Care in 2020.

Players

Michael Greeley

Newmark

Broker

$898M

vol

20 deals

Broker

Wellesley Medical Office Market Snapshot

Boundary boundary · Medical Office · Lease transactions

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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