White Plains, N.Y.-based healthcare real estate fund manager closes on purchase of 149,000 square foot West Bloomfield, Mich., outpatient center
WHITE PLAINS, N.Y., and WEST BLOOMFIELD, Mich., Feb. 20, 2013 – Seavest Properties III LLC, a discretionary healthcare real estate investment fund administered by White Plains-based Seavest Healthcare Properties LLC, and KIRCO Health Partners have acquired the Beaumont Medical Center in West Bloomfield.The three-story, 149,000 square foot off-campus outpatient center and medical office building is located on 11 acres at 6900 Orchard Lake Rd., in a well-known, upscale destination for retail and office. The majority of the building is leased by the Beaumont Health System with the rest of the space set aside for independent physician practices. Seavest’s partner for the acquisition, Troy, Mich.-based KIRCO, is a real estate development and investment company with specific experience in the medical office and outpatient field. “We continue to execute on our strategy of acquiring significant healthcare facilities aligned with successful health systems. With our acquisition of Beaumont Medical Center, we will ensure that the building is operated in a first class manner benefiting our tenants and their patients,” says Jonathan L. Winer, Executive Vice President of Seavest Healthcare Properties. Added Mr. Winer: “The Beaumont Medical Center acquisition is aligned with our strong belief in the off-campus model of large hospital-centric, multi-specialty outpatient medical facilities.” This is Seavest’s second acquisition in Michigan. In 2011, Seavest and KIRCO formed a joint venture to convert an office building in Dearborn to a Class A outpatient facility for Henry Ford Medical Center and other tenants. As in Dearborn, KIRCO Health Partners will serve as property manager and handle leasing for the West Bloomfield property. “We believe in the Michigan market and particularly the Detroit suburbs which are benefiting from the rebounding auto industry and other economic development initiatives,” Mr. Winer says. “Investors have been slow to recognize the many positive trends taking place in the state, but that is now beginning to change.” Beaumont Medical Center opened in 1989 and was significantly expanded and modernized in 2007. The outpatient medical campus includes the Beaumont West Bloomfield Ambulatory Surgery Center LLC, which provides general surgery, orthopedics, vascular surgery and plastic surgery. The MOB also houses a wide range of other specialties, including cardiology diagnostics, children’s rehabilitation, nuclear medicine, adult physical therapy/occupational therapy, radiology, lab services and a pharmacy. The MOB is in a popular area of West Bloomfield near upscale shopping and office locations. The transaction closed on Dec. 19. Beaumont Medical Center is part of Beaumont Health System, a three-hospital regional health system with 1,726 licensed beds, more than 14,000 full-time equivalent employees and nearly 3,100 physicians, including 500 employed physicians in the Beaumont Medical Group and more than 2,600 private-practice physicians. In addition to its hospitals in Royal Oak, Troy and Grosse Pointe, Beaumont has 54 community-based sites of care including medical centers in Oakland, Macomb and Wayne counties, family practice and internal medicine practices, five nursing centers, home care services and hospice. The Beaumont Research Institute has 1,100 active research studies with more than 82,000 participants. Beaumont is the exclusive clinical teaching site for the Oakland University William Beaumont School of Medicine. Visit Beaumont at www.beaumont.edu. KIRCO Health Partners is a third generation, family-owned commercial real estate organization headquartered in Troy, Mich. The firm is a healthcare real estate development and investment company within the KIRCO family of companies focused on helping hospitals and health systems leverage real estate strategies to grow market share, build their brand, broaden their continuum of care for patients, and support physician alignment efforts. With offices in Ohio and North Carolina and with projects and properties across the country, KIRCO Health Partners provides unique healthcare real estate solutions across a variety of uses and locations. For more information, please visit www.KIRCO.com or call 248.680.7180. Seavest Healthcare Properties, LLC is a real estate investment management firm focused on joint venturing with established developers to build new properties, directly acquiring existing properties, and asset managing medical office buildings, outpatient facilities and similar healthcare real estate assets. A pioneer in this sector, Seavest made its first healthcare real estate investment in the mid-1980s. Today, the firm has a significant portfolio of medical office and outpatient properties which are controlled through dedicated healthcare real estate investment funds. For more information, please visit www.SeavestHCP.com or call 914.683.8474. |
