Quincy, MA – Jumbo Capital Inc. announced that the privately held commercial real estate investment firm has sold the former lottery building on Columbian Street in Braintree to Mass General Brigham Integrated Health Care System for $14 million.
Jumbo purchased the over 30-year-old building for about $10.25 million in 2016. The medical group’s acquisition will enable it to move forward with a planning-board-approved renovation and consolidation of medical offices on the site.
According to reports, Mass General Brigham plans to consolidate a group of physician practices it owns in a single building that will also house an urgent care center and imaging and laboratory services. Plans call for renovating the existing building and tearing down a warehouse addition to create additional parking. The Columbian Street location is close to the town line with Weymouth and is about a mile-and-a-half from South Shore Hospital.
Jumbo Capital asset manager, Jordan Berns, expressed his firm’s pleasure at the successful completion of the sale. “When our long-term tenant, the State Lottery, informed us that they would be moving out for strategic reasons, we set out to find just the right new occupant for this suburban property. We soon opened a dialogue with Mass General Brigham who expressed great interest in purchasing the building outright. After some COVID-related delays, the sale proceeded and both parties are very pleased with the outcome,” Berns said.