New Easterly Government Properties JV To Invest $636M In 1.2M Square Foot Portfolio

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The acquisition is set to be via a joint venture Easterly is forming with an unnamed major international investor that will close on the properties as they are developed.

The JV is expected to pay about $635.6M for the assets, which are mainly leased by the VA for 20 years each.

“This partnership expands our ability to execute on our external growth strategy by enhancing and diversifying our cost of capital,” Easterly Chief Financial Officer and Chief Operating Officer Meghan Baivier said in a statement.

A VA clinic in Lubbock, Texas, which is part of the portfolio that Easterly Government Properties is acquiring via a joint venture. (PHOTO CREDIT: Easterly Government Properties)

Easterly will retain a 53% stake in the JV while its partner will own 47%. Easterly will be responsible for the day-to-day management of the properties and receive asset management fees from its partner. The JV has already closed on the acquisition of two of the portfolio’s 10 properties, which are currently operating. The buyers expect to close on the remaining eight properties by the end of 2023 as they are completed and leased.

The two completed facilities are a 120K SF clinic in Lubbock, Texas, and a 31K SF facility in Lenexa, Kansas, both of which provide primary and specialty care services, such as audiology, dentistry, pathology and lab services. The other facilities will be in Alabama, Arizona, Florida, Georgia, Tennessee and Texas.

“Each new facility will enable the VA to expand its current services in its respective market by replacing smaller existing clinics or supplementing existing facilities,” Easterly said.

Not counting the new acquisition, the Washington, D.C.-based Easterly owns 83 properties nationwide totaling about 7.6M SF, including 81 properties leased to U.S. government tenant agencies and two leased to private tenants. As of Q2, the company is also at work on redeveloping a 200K SF property in Atlanta that will be leased to the Food and Drug Administration.

 

Source: Bisnow

Blueprint Closes On Portfolio Consisting Of Seven Medical Office Buildings Spanning Six States

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Hired by a public REIT, Blueprint’s MOB team successfully marketed the portfolio through a national process and found the right buyer for their client

The portfolio consisted of medical office properties ranging in size and spread throughout the country including Colorado, Texas, Pennsylvania, Georgia, Indiana, and Wisconsin, showcasing Blueprint’s ability to provide national expertise

Blueprint’s MOB team showcased their creative approach through deep localized analysis and created a realistic path to stabilization for each asset

The sale emphasizes the growing market of buyers seeking high growth investment opportunities amidst the current low cap rate and high-cost development environment.

 

Source: HREI

American Healthcare REIT And Griffin-American Healthcare REIT III Merge, Acquisition Creates Eleventh Largest Healthcare REIT Globally

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American Healthcare REIT, formerly known as Griffin-American Healthcare REIT IV, has completed its merger with Griffin-American Healthcare REIT III in a tax-free, stock-for-stock transaction, the company just announced.

The combined company has a gross investment value of approximately $4.2 billion in healthcare real estate assets. In conjunction with the merger, the previously announced acquisition of American Healthcare Investors, the co-sponsor of both REITs, was completed as well. American Healthcare REIT is now the 11th largest healthcare real estate investment trust globally, according to GlobeSt.com.

“We are pleased to have completed this merger and are excited about the future prospects of American Healthcare REIT,” Danny Prosky, CEO and president, said in a press release. “As a large, diverse, and self-managed healthcare REIT, we believe we are strategically positioned to pursue a future listing or IPO on a national stock exchange that would provide liquidity to our existing stockholders and unlock greater growth and value enhancement opportunities as a publicly traded company.”

Among the newly formed REIT’s holdings are 2,100 senior housing and skilled nursing beds among its 312 properties across 36 states and the United Kingdom. The REIT Is active in 36 states and the United Kingdom. The portfolio also includes medical office buildings.

 

Source: McKnights Senior Living