MedProperties Realty Advisors Acquires Pair Of Healthcare Properties In Texas And Florida
Despite the inherent challenges of closing transactions during the capital markets turmoil of 2022 and 2023, MedProperties Realty Advisors, LLC approached market conditions over the past eighteen months as more of a buying opportunity to acquire high-quality, best-in-class healthcare properties.
Utilizing its discretionary equity capital and available debt financing, MedProperties capitalized on these opportunities through numerous acquisitions during 2023.
Most recently, the firm has completed the acquisition of two healthcare properties totaling more than 96,000 square feet. The transactions were completed with separate sellers in Pearland, Texas, in the Houston market and Nokomis, Florida.
MedProperties acquired the two-story, 44,510-square-foot Pearland Sports Park building located on the Memorial Hermann Pearland Hospital campus. The recently developed building, which was completed in September 2023, is 100% leased to Memorial Hermann Health System, UT Physicians, and Athlete Training + Health.
The property has a long-term WALT and has excellent demographics including a population of 194,317 within a 5-mile radius and an average household income of $117,622.
MedProperties also purchased the newly constructed PAM Health Rehabilitation Hospital of Venice in south Sarasota County for $34.3 million. The 50,000-square-foot facility, located near Sarasota Memorial Hospital’s Venice campus, was previously owned by an LLC linked to Catalyst Health Care Real Estate.
Debt for the transaction was provided by Capital One and Siemens Financial Services.
Source: REjournals
