{"id":1004192972,"date":"2017-10-06T03:49:45","date_gmt":"2017-10-06T11:49:45","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004192972"},"modified":"2022-12-08T04:10:56","modified_gmt":"2022-12-08T12:10:56","slug":"medical-office-portfolio-commands-230m","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/medical-office-portfolio-commands-230m\/","title":{"rendered":"Medical Office Portfolio Commands $230M"},"content":{"rendered":"

By Keith Loria, Contributing Editor<\/em><\/p>\n

\"Grand<\/a>

Grand Parkway MOB, Richmond, Texas<\/p><\/div>\n

MedProperties Holdings has acquired the Harrison Street Portfolio, a diverse 10-state, 17-property, medical office building portfolio totaling 620,750 square feet, for approximately $230 million.\u00a0<\/p>\n

\u201cWe are attracted to the healthcare real estate space and dedicated to this space because it is a very profitable niche, driven by the health service sector,\u201d<\/em> Darryl Freling, MedProperties\u2019 managing principal, told Commercial Property Executive<\/em>. \u201cWe are active buyers and sellers in the space, and when this attractive portfolio became available, we competed for it. It has a good diversity of product type, is located across 10 states and it has good hospital affiliations.\u201d<\/em><\/p>\n

The properties include Abilene Surgery Center and Hospital, Abilene, Texas; Texas Rehabilitation Hospital of Arlington, Arlington, Texas; Grand Parkway MOB, Richmond, Texas; Williams Way MOB, Richmond, Texas; Conroe Medical Plaza, Conroe, Texas; Kingwood Medical Plaza, Kingwood, Texas; Lake Granbury Medical Center, Granbury, Texas; Emerson Medical Office Building, Jacksonville, Fla.; Tower Pointe Medical Center, Greenwood, S.C.; Albany Medical Office Building, Clifton Park, N.Y.; Brandywine Medical Pavilion, Coatesville, Pa.; HealthSouth Rehabilitation Hospital of Cincinnati, Cincinnati, Ohio; Georgetown Medical Office Building, Georgetown, Ky.; Henderson Medical Office Building, Henderson, Ky.; Aurora Medical Office Building, Elkhorn, Wis.; Eastland Medical Building, Independence, Mo.; and Asheville Medical Office Building, Asheville, N.C.\u00a0<\/p>\n

Capital One served as joint lead arranger, sole bookrunner and administrative agent for a $160.6 million loan to assist in the acquisition.<\/p>\n

Diverse asset mix<\/h2>\n

\u201cThe diversity of the portfolio and the quality of the assets made the portfolio appealing. The portfolio was diversified by asset type, geographically and by tenancy with high-quality, strong assets,\u201d<\/em> Erik Tellefson, Capital One Healthcare\u2019s managing director, told CPE. \u201cThe lending community had significant interest as evidenced by the five banks who participated in our syndication transaction.\u201d<\/em><\/p>\n

The portfolio includes a diverse mix of medical office buildings housing a wide range of services, as well as rehabilitation hospitals, a behavioral health hospital and a multi-use campus.<\/p>\n

\"Williams<\/a>

Williams Way MOB, Richmond, Texas<\/p><\/div>\n

At the time of the sale, the portfolio was 92 percent leased. Prominent tenants in the facilities include Jacksonville, Fla.-based UF Health Jacksonville; San Francisco-based Dignity Health; Milwaukee-based Aurora Health Care; Englewood, Colo.-based Catholic Health Initiatives; and The Woodlands, Texas-based US Oncology\/McKesson, among others.\u00a0<\/p>\n

According to Freling, the acquisition is the single-largest portfolio acquisition MedProperties has made in terms of acquisition price, number of properties and total square footage.\u00a0<\/p>\n

The medical office real estate market has been very active of late. In August, CBRE Global Investment Partners acquired a 95 percent interest in a 10-state, 25-building medical office portfolio<\/a>, and IRA Capital LLC sold three Class A medical office properties totaling 137,686 square feet in Dallas\u2013Fort Worth and Austin, Texas.<\/p>\n

Images courtesy of MedProperties Holdings<\/em><\/p>\n","protected":false},"excerpt":{"rendered":"

MedProperties Holdings is the new owner of 17 multi-state Harrison Street health-care assets totaling 620,000 square feet. The transaction marks the company\u2019s single-largest acquisition in terms of purchase price, number of properties and total square footage. <\/p>\n","protected":false},"author":451,"featured_media":1004192984,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[21743,21808,21825,21783,21754,23891,21742],"tags":[33139,36591,37251,37881],"class_list":["post-1004192972","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-deals","category-featured","category-finance","category-investment","category-medical-office","category-national","category-latest","tag-capital-one","tag-harrison-street-real-estate-capital","tag-ira-capital","tag-medproperties-holdings"],"acf":[],"yoast_head":"\nMedical Office Portfolio Commands $230M - Commercial Property Executive<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/medical-office-portfolio-commands-230m\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Medical Office Portfolio Commands $230M\" \/>\n<meta property=\"og:description\" content=\"MedProperties Holdings is the new owner of 17 multi-state Harrison Street health-care assets totaling 620,000 square feet. 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