Matthews™ is proud to offer for sale a leasehold medical office investment occupied by Sports Medicine North, operating under the Spire Orthopedic Partners platform. The property totals approximately 48,920 square feet and functions as a comprehensive orthopedic destination with services including clinical, imaging, x-ray, therapy, and a full ambulatory surgery center (ASC). The property has been exceptionally well maintained by ownership, with significant capital invested into improvements including a recently replaced roof and multiple HVAC unit upgrades, ensuring the facility continues to meet the high operational standards required for full AAAHC accreditation.

Spire Orthopedic Partners is one of the leading orthopedic platforms in the Northeast, with more than 165 physicians, roughly 1,800 employees, and 40 locations across Massachusetts, New York, Connecticut, and Rhode Island. They are on a NNN lease through August 31, 2040 with two, 5-year extension options.

The property is a leasehold investment that is subject to a 60-year ground lease with Simon Properties. The asset is located in Peabody on Boston’s North Shore on the grounds of the North Shore Mall, a major regional retail destination with a deep mix of national tenants, dining, and everyday services that make the area convenient for patients, physicians, and staff. The property also benefits from immediate proximity to Lahey Medical Center in Peabody, adding a major healthcare anchor next door.

The facility currently includes five operating rooms, consisting of three Class C operating rooms and two procedure rooms. The tenant is planning renovations this spring to add three additional Class C procedure rooms, bringing the total to eight operating rooms, including six Class C rooms and two procedure rooms.

Massachusetts operates under a Determination of Need (DoN) regulatory framework for ambulatory surgery centers, creating a meaningful barrier to new competitive ASC development and further supporting the long term positioning of this established, on site surgery center.

The site is extremely well located with direct access to Interstate 95, Route 128, and Route 1, providing strong regional connectivity throughout Greater Boston and the North Shore for patients, physicians, and staff, supporting accessibility from across the region and drawing patients from a wide trade area. Combined with dense surrounding residential neighborhoods and the built in retail and medical amenities at the mall and Lahey campus, the location is well positioned for sustained outpatient demand and long term specialty medical tenancy.