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Portfolio Of Eleven Medical Office Buildings And Inpatient Rehab Facilities Trades For $240M

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The Sanders Trust and Harrison Street have sold an 11-property portfolio composed of medical office buildings and inpatient rehabilitation facilities.

Lincoln Property Co.—through Lincoln Advisors—spent $240 million to acquire the assets on behalf of a public pension fund client.

Located across Texas, Ohio, Maryland, Georgia, Mississippi and Iowa, the collection adds up to 474,100 square feet. According to a Harrison Street release, nine of the medical office buildings and inpatient rehabilitation facilities, valued at $213 million, were fully leased at the time of sale. CBRE Vice Chairmen Chris Bodnar and Lee Asher worked on behalf of the sellers.

The portfolio includes Encompass Health Rehabilitation Hospital of Austin, situated at 330 West Ben White Blvd. The 60-bed inpatient rehabilitation hospital previously traded in 2017, public records show.

Harrison Street has been quite active recently. The company, in partnership with Meridian, spent $43 million to acquire a 110,400-square-foot office building in Irvine, Calif., at the beginning of September. The joint venture plans to transform the space into Class A medical office and rebrand the property as Pacifica Medical Plaza.

 

Source: Commercial Property Executive

Five Hospitals Buying Land For Expansions

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Below are five hospitals or health systems that purchased or announced plans to buy land for expansions in the last three months.

1. HCA buys land, plans freestanding ED
Nashville, Tenn.-based HCA Healthcare has purchased a plot of land in Tennessee to build a freestanding emergency department.

4. Ascension St. Vincent’s buys 33 acres for Florida hospital
Jacksonville, Fla.-based Ascension St. Vincent’s purchased a parcel of land in Florida’s St. Johns County for nearly $18 million.

5. Encompass Health buys land for rehab hospital in Florida
Birmingham, Ala.-based Encompass Health bought a plot of land in St. Augustine, Fla., to build a new hospital, the company said July 10.

2. South Carolina hospital buys land for expansion
The board of Orangeburg, S.C.-based Regional Medical Center agreed to buy a 6.5-acre plot of land for an expansion.

3. University Health System to buy land in San Antonio for new hospital
San Antonio-based University Health System plans to buy an 80-acre parcel of land to build a second hospital.

Source: Becker’s Hospital Review