CHICAGO, IL – March 6, 2019 – Holliday Fenoglio Fowler, L.P. (HFF) announces the sale of a two-property portfolio that includes 460 Hartford, a 36,000-square-foot, multi-specialty outpatient facility, and 8 Keynote, a 22,500-square-foot home health service facility. Both properties are fully leased to Eastern Connecticut Health Network (ECHN), a wholly-owned subsidiary of Prospect Medical Holdings, and are in the Hartford-area community of Vernon, Connecticut.
The HFF team represented the seller, Bellevue Street Capital LLC. Global Medical REIT Inc. purchased the assets. This sale was part of a larger transaction consisting of an eight-property portfolio of hospital-occupied medical office buildings.
460 Hartford was redeveloped in 1999 and is home to DaVita Dialysis, the second largest dialysis provider in the area, which draws patients from the Connecticut-Rhode Island border to West Hartford. 8 Keynote houses the operations for the ECHN’s home health care. The Prospect Eastern Connecticut Health Network is a two-hospital, 242-bed, for-profit health system with campuses within a 10-mile radius of the portfolio.
The HFF team representing the seller included managing directors Ben Appel and Evan Kovac, director Andrew Milne, senior director Bryan Rosenberg, senior managing director Dana Brome and associate Ron Ott.
“In all of its markets, Prospect Medical Holdings owns hospitals that service a very important patient service area,” Appel said. “For that reason, combined with their expertise in delivering healthcare, Prospect’s hospitals typically control dominant market share. These types of transactions in which a hospital monetizes owned real estate naturally attract a lot of high-quality, institutional healthcare real estate capital.”
“This transaction would not be possible without Prospect Medical Holdings’ long-term commitment and continued reinvestment in the ECHN health network into the communities it serves” said Alan Lagunov, a principal with Bellevue Street Capital LLC.
About Bellevue Street Capital LLC
Bellevue Street Capital (“BSC”) is a Chicago based private equity firm with investments across multiple assets classes including, office, medical office, industrial, and multi-family. The principals of BSC have bought, developed and sold over $200M worth of real estate in the past 10 years.
About Global Medical REIT Inc.
Global Medical REIT Inc. is a Maryland corporation engaged primarily in the acquisition of licensed, state-of-the-art, purpose-built healthcare facilities and the leasing of these facilities to strong clinical operators with leading market share. The company’s management team has significant healthcare, real estate and public real estate investment trust, or REIT, experience and has long-established relationships with a wide range of healthcare providers. The company elected to be taxed as a REIT for U.S. federal income tax purposes commencing with its taxable year ending December 31, 2016. Visit http://www.globalmedicalreit.com for more information.
HFF and its affiliates operate out of 26 offices and are a leading provider of commercial real estate and capital markets services to the global commercial real estate industry. HFF, together with its affiliates, offers clients a fully integrated capital markets platform, including debt placement, investment advisory, equity placement, funds marketing, M&A and corporate advisory, loan sales and loan servicing. HFF, HFF Real Estate Limited, HFF Securities L.P. and HFF Securities Limited are owned by HFF, Inc. (NYSE: HF). For more information, please visit hfflp.com or follow HFF on Twitter @HFF.
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