A Boston-based private equity real estate firm has purchased three medical office buildings on Stamford’s Summer Street for $17 million, according to city land records.
Albany Road-Summer Street LLC, controlled by Albany Road Real Estate Partners, acquired the properties Thursday. Calls to the firm were not immediately returned.
The seller was Summer Street Properties LLC, controlled by Industree Inc. and Richard Kremheller, of Stamford. Kremheller is a controller at River Bend Center LLC, which owns the River Bend Center business park in Stamford. Summer Street Properties acquired the buildings in transactions completed in 1994 and 2012, according to land records.
Albany Road-Summer Street LLC paid $1.89 million for the four-story, 10,040-square-foot building at 945 Summer St. Built in 1985, the property sits on a 0.25-acre parcel and was appraised at $1.91 million and assessed at $1.34 million in 2023.
The buyer paid $7.07 million for the six-story, 43,944-square-foot building at 999 Summer St. Constructed in 1980, the building occupies a 0.72-acre parcel and was appraised at $7.14 million and assessed at $5 million in 2023.
It also purchased the five-story, 49,990-square-foot building at 1275 Summer St. for $8.04 million. The 1980-built property sits on a 1.02-acre parcel and was appraised at $8.12 million and assessed at $5.68 million in 2023.
Stamford-based CBRE brokers Jeff Dunne, Steve Bardsley and Travis Langer, working with Brannan Knott and Chris Bodnar of CBRE’s U.S. Healthcare Capital Markets group, represented the seller. CBRE also procured the buyer.
The Summer Street Medical Portfolio is 85% leased to 15 medical practices, CBRE said.
