MILWAUKEE-BASED OWNER AND DEVELOPER GETS FOUR MOBs FOR $15 MILLION
By John Mugford
It was in 2004 when Milwaukee-based Landmark Healthcare Facilities, previously a third-party developer, started an entity to own medical properties.
Since then, Landmark Healthcare Properties LLC has accumulated a portfolio of more than 20 assets that it has acquired and developed. As of Dec. 3, according to the company’s Web site, the entity owned a portfolio of 23 healthcare properties with a total of about 2.1 million square feet.
Despite the current slowdown in MOB transactions, Landmark added to its portfolio in recent weeks when it closed on the acquisition of a four-building portfolio in Benton, Ark., for $15 million. The seller was the 167-bed Saline Memorial Hospital, the only provider in the town of 30,000 people that’s located about 20 miles southwest of Little Rock.
The four buildings have a total of 110,315 square feet, meaning the price paid per square foot (PSF) was about $136. Overall, the portfolio has an occupancy rate of 94 percent, and the hospital occupies about 33 percent of the rentable square footage.
As a result, the transaction was described as a sale and partial leaseback transaction.
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