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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

Dallas Investors Buy The Las Colinas Medical Building In Irving, Texas

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Dallas-based Ridgeline Capital Partners has purchased a 70,000-square-foot medical office building in Irving.

The three-story building is at 6121 N. State Highway 161 and was acquired in a joint venture with Harrison Street, a Chicago-based investor. The building was constructed in 2019 to house primary care physicians.

The property is near Medical City Las Colinas hospital and is more than 80% leased to tenants including UT Southwestern Medical Center. An ambulatory surgery center will open in the building early next year.

“This is a medical campus with best-in-class tenants that provide a wide range of services for patients in one convenient location,” Jeff Axley, managing principal for Ridgeline, said in a statement. “The building was attractive to us due to its triple A credit-rated anchor tenant UT Southwestern Medical Center, Ambulatory Surgery Center and strategic location adjacent to Healthcare Associates of Texas, which provide additional primary care patient referrals to our tenants.”

Ridgeline Capital Partners acquires and operates medical office buildings, health care real estate and behavioral health facilities in Texas and the Southeast.

 

Source: The Dallas Morning News