Thomas Park Investments Completes Sale of Merrimack Medical Center, Delivering 18% IRR
- Jan 6
- 1 min read
Key Metrics
NOI: $232K → $886K
Occupancy: 69% → 90%
WALT: 1.95 YR → 5.85 YR
Equity Multiple: 1.92x
View the Strategy Behind the Deal
Thomas Park Investments announced the sale of Merrimack Medical Center, a 59,601-square-foot on-campus medical office building located in the Haverhill, Massachusetts MSA.
Acquired in 2021 as a value-add investment, the property was 69% occupied with a weighted average lease term (WALT) of 1.95 years and net operating income (NOI) of $232,679. Thomas Park identified an opportunity to reposition the asset by improving occupancy, restructuring lease terms, and converting ownership from leasehold to fee simple.
Through disciplined execution, the firm completed 20 lease renewals and signed 8 new tenants, extending WALT to 5.85 years and raising occupancy to 90%. By disposition, NOI had increased nearly fourfold to $885,797, while development yield more than doubled.
“Merrimack illustrates our ability to unlock value in underperforming medical assets. We delivered meaningful returns for our investors while strengthening the tenancy and long-term stability of this on-campus medical office building.”
The transaction highlights Thomas Park’s ability to identify underperforming assets and reposition them into resilient, high-performing medical office buildings across the East Coast.
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