Sendero Capital and Angelo Gordon complete the acquisition of a mission-critical healthcare facility in Rhode Island

BOSTON, Aug. 3, 2023 – JLL Capital Markets announced today that it advised Sendero Capital and Angelo Gordon on the acquisition of 2 Wake Robin Road, a 30,000-square-foot medical office building in Providence, Rhode Island.

The transaction represents the second acquisition in Sendero Capital and Angelo Gordon’s programmatic joint venture, which allows for up to $300 million in investments in outpatient healthcare real estate. The joint venture is focused on value-add and core plus outpatient medical office and surgery center assets throughout the Northeastern United States – a region with high barriers to entry, strong growth and one of the largest concentrations of healthcare businesses in the U.S.

Constructed in 2006, 2 Wake Robin Road is a premier medical office building that is currently 96% leased to Lifespan Health System and clinical medical tenants offering a variety of services, including urgent care, primary care, imaging, pediatric care, physical therapy and pathology.

2 Wake Robin Road is conveniently located off Route 295 and Route 146 on George Washington Highway. The facility sits directly across the street from the Lincoln Mall, 0.25 miles from Route 146 and three miles from Bryant College. The building is located less than an hour from Boston and two national airports, and it is strategically positioned between Landmark Medical Center (6.6 miles) and Miriam Hospital (10 miles).

“We are very excited to enter the Rhode Island market with the acquisition of 2 Wake Robin Road, a strategically located medical facility offering an ecosystem of outpatient medical services,” said Ross Negele, Principal at Sendero Capital.

The JLL Capital Markets team was led by Managing Director Brannan Knott, Senior Managing Director Mindy Berman and Director Anthony Sardo.

“2 Wake Robin Road is a sought-after, health-system-anchored outpatient medical building with convenient access off the Providence Beltway. The property, tenancy and surrounding community stand to benefit from Sendero Capital and Angelo Gordon’s institutional ownership,” said JLL’s Knott. 

JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment sales and advisory, debt advisory, equity advisory, or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.

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Sendero Capital is a privately held real estate investment, development and advisory firm based in Boston, MA.  The principals of the firm have decades of experience investing in, developing, and managing large portfolios of real estate across the United States, including millions of square feet in the healthcare sector.

Angelo Gordon is a leading alternative investment firm founded in November 1988. The firm currently manages approximately $73 billion* with a primary focus on credit and real estate strategies. Angelo Gordon has over 650 employees, including more than 200 investment professionals, and is headquartered in New York, with associated offices elsewhere in the U.S., Europe, and Asia. For more information, visit www.angelogordon.com.

*Angelo Gordon’s (the "firm") currently stated AUM of approximately $73 billion as of December 31, 2022 reflects fund-level asset-related leverage. Prior to May 15, 2023, the firm calculated its AUM as net assets under management excluding leverage, which resulted in firm AUM of approximately $53 billion as of December 31, 2022. The difference reflects a change in the firm’s AUM calculation methodology and not any material change to the firm’s investment advisory business. For a description of the factors the firm considers when calculating AUM, please see the disclosure linked here.