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Westport Medical Complex Sells for $18.75M After Conversion

A Westport office park that was recently converted into medical offices has been acquired by an Arizona investor for $18.75 million.

Healthcare Trust of America Inc. bought the Westport Center for Health from The Davis Cos. of Boston. The complex at 323-329 Riverside Ave. is anchored by Yale New Haven Health’s Northeast Medical Group.

Davis Cos. converted the former five-building office campus overlooking the Saugatuck River into a four-building medical office complex with additional parking. The developer also reconfigured and revovated the building interiors

Newmark Knight Frank’s Boston-based capital markets team represented the seller.

“The Davis Cos. should be commended for recognizing the need for a best-in-class medical office asset in a market where much of the supply is decades old, and for the successful execution of an ambitious healthcare conversion,” Newmark Knight Frank Managing Director Michael Greeley said in a statement.