Dedham, MA Shields Health Care Group (Shields), the company behind New England’s largest network of independent imaging centers, has reached an agreement to sell 40 Allied Dr., a 66,000 s/f outpatient care center, to RREEF America, LLC, a Deutsche Asset Management affiliate, for $34 million or $515 per s/f, setting a commercial real estate record in the Rte. 128 area. Shields is the managing partner of the Greater Boston Musculoskeletal Company (GBMC), the ownership entity of the building, which also includes New England Baptist Hospital and private physicians.
40 Allied Drive - Dedham, MAThe GBMC joint venture ownership structure enabled New England Baptist and Shields to construct the building to fulfill their vision of creating a musculoskeletal and imaging center in a community setting, with flexibility to sell the building in the future. The facility was built just three years ago, opening in 2013 and is 100% leased. It is a musculoskeletal outpatient center, with a focus on sports medicine and orthopedic surgery, offering outpatient surgical, pain management, rehabilitative services, and advanced imaging.
“The sale of 40 Allied Dr. permits the investors to maximize their investment while continuing to provide exceptional health care in a low cost setting with the nationally recognized New England Baptist, its physicians and Shields MRI,” said Tom Shields Jr., president and CEO of Shields Health Care Group.
Shields and New England Baptist, on behalf of the GBMC, worked with the real estate brokerage firm Newmark Grubb Knight Frank to market the building and secure a buyer.
A family-owned and operated business, Shields offers the largest and most technically advanced network of medical imaging and diagnostic treatment facilities in New England. With a focus on cutting-edge technology, provider expertise and affordability Shields prioritizes the patient experience above all. Shields Health Care Group provides MRI, PET/CT and Radiation Oncology services to patients at more than 30 locations in New England along with a joint-venture model for PET/CT services with several other healthcare providers throughout Massachusetts. Additional services include open-bore MRI machines that allow for greater patient comfort, MR arthrogram and breast MRI, as well as Shields ProCare, an imaging medical equipment maintenance and service company. All Shields locations are ACR accredited.