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A medical office building across the street from Fall River’s largest hospital has sold to a healthcare real estate-focused private equity firm Hammes Partners for $16.07 million.

Having acquired the medical office building at 235 Hanover St. in 2016, Whelan Assoc. planned and executed a redevelopment project to convert the 1974 building into a modern medical facility. Every system in the building was replaced with new equipment. With the redevelopment plan in place, the building was marketed as an attractive location for local medical providers.

“This was an exciting project from the start, employing all of our company’s skills, including design, construction, financial planning, and leasing. In the end, we redeveloped the building into a modern, fully leased and valuable asset of the kind in high demand by the medical real estate investment market. A previous relationship with Hammes started a conversation, concluding in a sale that added a productive asset to Hammes’ medical portfolio and provided a strong return to our investors,” Whelan Assoc. President Bill Whelan said in a statement.

The 4-story, 43,365-square-foot building is home to a variety of medical services, including specialized offerings from the nearby hospital’s parent network, Southcoast Health System.

“We spent about three years developing the building to modern standards and making it desirable to medical providers. It was a good investment for us, and it’s a good investment for Hammes,” Whelan added.