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Eight-Building MOB Portfolio In Florida, Texas, Tennessee And North Carolina Sells For $91 Million

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Dallas-based CBRE has brokered the $91 million sale of an eight-building medical office portfolio across four states in the Southeast and Texas.

A joint venture between Chicago-based Remedy Medical Properties and Boca Raton, Fla.-based Kanye Anderson Real Estate purchased the properties. Lee Asher, Chris Bodnar, Jordan Selbiger, Ryan Lindsley, Cole Reethof, Sabrina Solomiany and Zach Holderman of CBRE represented the seller, Los Angeles-based Spruce Healthcare, in the transaction.

The 177,000-square-foot portfolio includes five properties in Florida and one each in Texas, North Carolina and Tennessee. The portfolio was fully leased at the time of sale with 11 years of weighted average lease terms remaining. Two-thirds of the overall tenancy features orthopedics, oncology and imaging practices. Other specialties include ophthalmology and dermatology, both of which include ambulatory surgery centers.

 

Source: REBusiness Online

National Real Estate Advisors And Catalyst Healthcare Acquire Two Medical Office Building Portfolios For $420 Million

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Months after forming a $1.5 billion strategic partnership to invest in healthcare real estate across the United States, National Real Estate Advisors LLC and Catalyst Healthcare Real Estate have purchased two multi-state portfolios for $420 million.

The portfolios are 92 percent leased and consist of 40 properties totaling 1.2 million square feet spanning 13 states. Most of the assets are medical office buildings and 88 percent of the total leased space is comprised of health systems and regional physician groups. They were acquired from different unidentified sellers in transactions that closed this month and in December.

The properties are located in: Alabama, Arkansas, Connecticut, Florida, Georgia, Illinois, Indiana, Louisiana, Massachusetts, North Carolina, Tennessee, Texas and Florida.

In a prepared statement, Jeffrey Kanne, president and CEO of National said: “The acquisitions significantly scale the investment manager’s medical office portfolio and furthers its geographic diversification. The transactions also underscore National’s commitment to invest in highly competitive, diverse markets for its clients.”

National’s investment portfolios include apartment, office, mixed-use, medical, industrial, data centers and hotel assets. In December 2020, National was part of joint venture that sold the majority ownership interest in a three-building, 620,000-square foot life sciences campus in Cambridge, Mass., for $720 million.

Alabama, Arkansas, Connecticut, Florida, Louisiana, Tennessee and Virginia are new MOB markets for National. One of the assets acquired is Physicians Regional Pine Ridge multi-tenant medical office building, a 108,337-square-foot MOB property in Naples, Florida.

New Joint Venture

In prepared remarks, Chad Henderson, founder and CEO of Catalyst, a national, full-service healthcare real estate investment firm, said: “The closing of the portfolios was a significant first step for the joint venture. Formed in early November, the venture strives to positively impact healthcare delivery by investing strategic capital with a partnership-like mentality. The transactions further Catalyst’s commitment to build on meaningful relationships within healthcare.

When National and Catalyst announced the joint venture on Nov. 2, the partners said they had already closed on three to-be-developed assets and expected more deals to close by the end of 2021. The first three joint venture developments were: a 74,640-square-foot in-patient rehab facility for PAM Health in Miamisburg, Ohio, with 42 in-patient rehabilitation beds and 20 long-term care beds; a 51,500-square-foot inpatient rehab facility for PAM Health in Venice, Florida, with 42 in-patient rehabilitation beds; and a 23,700-square-foot medical office building for Dupont Hospital in Fort Wayne, Indiana.

 

Source: Commercial Property Executive

HCA Healthcare And Brookdale Senior Living Sell Off Large Chunk Of Home Health Joint Venture

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A little more than two months after closing a $400 million deal to purchase a majority stake in Brookdale Health Care Services, HCA Healthcare Inc. is selling off a large chunk of its new joint venture.

Home health care provider LHC Group has agreed to purchase 23 home health locations, 11 hospice and 13 outpatient therapy agencies across 22 states from the HCA and Brookdale Senior Living joint venture, according to a news release. Terms of the deal, which is expected to close in the fourth quarter, were not disclosed.

HCA officially completed its purchase of a majority stake in BHS — Brookdale’s home health, hospice and outpatient therapy business — in July at a price tag of $400 million.

The deal implied a $500 million value for BHS, enabling Brookdale to retain a 20% stake in the division. At the time, BHS operated 57 home health agencies, 22 hospice agencies and 84 outpatient therapy locations across 26 states, providing care at Brookdale facilities and inside patients’ homes.

The facilities that are being sold to LHC Group are not in HCA markets, according to the release. HCA (NYSE: HCA) is Nashville’s largest publicly traded company and the nation’s biggest hospital operator, with $51.5 billion of revenue in 2020. The company operates 185 hospitals across 20 states.

“In July, HCA Healthcare purchased a majority stake in Brookdale Health Care Services to expand access to healthcare services for our patients,” HCA CEO Sam Hazen said in the release. “We believe the sale to LHC Group of these sites of care, which were part of that transaction and are not in communities we currently serve, positions them for continued success.”

Brookdale is the nation’s largest senior-living community operator, with 737 facilities in 44 states. The company reported $3.5 billion of revenue in 2020, making it one of Nashville’s largest publicly traded health care companies, according to Nashville Business Journal research.

Brookdale received $300 million upfront as part of its joint venture deal with HCA, strengthening the Brentwood-based company’s liquidity and creating value for shareholders.

The sale of a large portion of BHS to LHC Group brings more liquidity to Brookdale, according to the release.

“We are looking forward to working with LHC Group, another national provider of healthcare services,” Brookdale CEO Cindy Baier said in the release. “This transaction will further strengthen our liquidity, maintain our 20% interest in the venture with HCA Healthcare, and ensure that high-quality home health and hospice services continue to be available to our residents at communities in these markets. I’m pleased that Brookdale’s residents will benefit from a seamless offering of services across our broad care continuum.”

 

Source: Nashville Biz Journal