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Welltower Recaps $550M Medical Office Portfolio Through Joint Venture With Wafra

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Welltower has recapitalized a medical office portfolio through a $550 million joint venture with global alternative investment platform Wafra.

Wafra now owns a 80% stake in the 24-asset portfolio, which is located in Texas, Florida, Minnesota, the Carolinas, Tennessee, California, Pennsylvania and Washington, among other states. The REIT is retaining a 20% interest in the portfolio, which is 97% affiliated with health systems. Welltower will also continue serving as asset manager and operator for the properties.

“The two companies may partner on other deals,” said Russell Valdez, Wafra’s chief investment officer. “We look forward to expanding our footprint together in these growing sectors with the shared goal of further collaboration on healthcare and other real estate opportunities.”

There is a case to be made that medical office assets will flourish as the pandemic passes. Cushman & Wakefield argues that the same drivers that fueled medical offices before the pandemic—namely demographics—will continue to support the sector’s growth. It also notes that healthcare spending is projected to increase by $1.9 trillion in the US alone between 2020 and 2027, per the Centers for Medicare and Medicaid Services.

 

Source: GlobeSt.

Plano Medical Building Goes To Tennessee Investor

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A medical real estate investment firm has purchased a new Plano medical office building

The Plano Medical Pavilion is near Preston Road and Bush Turnpike across the street from Baylor Scott & White Heart Hospital Plano.

4825 Alliance Blvd., Plano, Texas

Heady Investments developed the 3-story, 20,000-square-foot building on Alliance Boulevard which was fully leased to U.S. Surgical Partners.

Tennessee-based Healthcare Realty Trust purchased the building. The real estate investment trust owns more than 2.4 million square feet of properties in North Texas, its top market.

“There were many, many buyers diligently pursuing the acquisition of this asset,” developer Randy Heady said.

Evan Kovac with JLL brokered the sale.

 

Source: Dallas News