Cole Corporate Income Trust, Inc. reported Friday that it anticipates a June 2013 closing on the $24.45 million acquisition of the 49,250 square foot Harvard Vanguard property in Concord, MA.
The acquisition is subject to a net lease, meaning the tenant, Harvard Vanguard Medical Associates, Inc., is generally required to pay substantially all operating expenses in addition to base rent.
Harvard Vanguard’s base rent per square foot is $32.50, or $1,600,625 in annual base rent. The annual base rent under the lease increases every five years by approximately 5 percent of the then-current annual base rent.
Assuming no renewals are exercised, the non-cancelable lease term with the current rent period runs through the end of June 2030. Harvard Vanguard has three ten-year renewal options.
In April 2012, Harvard Vanguard Medical Associates and Normandy Real Estate Partners announced a groundbreaking for the Concord Hillside practice of Harvard Vanguard based in Concord. The two-story, 50,000 square foot medical office building at Concord Meadows Corporate Center was scheduled to open in spring 2013.
Concord Hillside worked with Simpler Consulting to develop a building layout geared to improving care team communication and coordination and delivering more timely and efficient care. The Concord Hillside practice offers pediatric and adult primary care, behavioral health, endocrinology, travel medicine and urgent care to its patients.