The 103,000 square foot medical office building is connected to the Atrium Medical Center in Middletown, Ohio, and offers convenient access and ease of use by patients and physicians
MedProperties recently closed on the acquisition of Atrium Medical Center Medical Office Building, which is located on the 200-acre campus of Atrium Medical Center in Middletown, Ohio. (Photo courtesy of MedProperties Holdings LLC)
MIDDLETOWN, Ohio, and DALLAS, April 3, 2013 – A new partnership of MedProperties Holdings LLC of Dallas, Texas and Equity Inc. of Columbus, Ohio, now owns the Atrium Medical Center Medical Office Building (MOB) in Middletown.
MedProperties, a healthcare real estate private equity investment firm, and Equity, the commercial real estate firm that developed and manages the property, closed on the transaction last month.
The five-story, 103,000 square foot Atrium Medical Center MOB, at 200 Medical Center Drive in Middletown, is one of nine buildings that have been built on the 200-acre hospital campus of the Atrium Medical Center, which opened in 2007.
“This is our first transaction with Equity, and we are proud to work with such a high-quality, experienced developer and operator,” says MedProperties Managing Principal Darryl E. Freling. “We plan to expand upon our strategic relationship with Equity, and have identified additional investment opportunities through their sponsorship.”
“The Atrium investment was compelling to us as a result of its on-campus location, the strength of the hospital system, and the economic growth that is occurring between the cities of Dayton and Cincinnati where the project is located,” says MedProperties Managing Principal Roman J. Kupchynsky II. “In addition, industry professionals now know that the Accountable Care Act is here to stay, so system plans for expansion that were previously on hold appear now to be moving forward. We believe this acquisition will benefit from this timing and momentum.”
“We are pleased to partner with MedProperties on the acquisition of the Atrium Medical Center MOB, which is great asset to the community. MedProperties’ knowledge of the forces that drive hospitals and physicians today make them a good partner for this project and others”, says Lee Jackson, Senior Vice President of Healthcare Transactions and Acquisitions for Equity. “The facility is connected to the hospital on four levels, which allows for direct access between hospital services and physician offices. This provides added convenience for patients, staff and physicians as well as increased efficiency and collaboration among health services.”
The Atrium Medical Center MOB is home to a number of hospital services, including cardiac rehabilitation, The Wilbur & Mary Jean Cohen Women’s Center and physician education facilities. It also houses physician office suites, a retail pharmacy and hospital administrative offices, and offers ample surface parking for patients and physicians.
The 314-bed Atrium Medical Center hospital was a replacement for Middletown Regional Hospital. It’s located off Interstate 75 between Dayton, Ohio, and Cincinnati, a growth corridor that draws patients from the entire region.
GE Capital provided the debt financing for the Atrium Medical Center MOB transaction.
Affiliated healthcare professionals who are interested in leasing space at the Atrium Medical Office Building are invited to contact Equity’s Rob MacLachlan at rmaclachlan@equity.net or Elaine Gillespie at egillespie@equity.net.
About MedProperties
MedProperties Holdings LLC is a Dallas-based healthcare real estate private equity firm with offices in Greenville, S.C., that provides qualified developers and owner/operators with a consistent source of equity investment for the development of new, or value-added acquisitions of existing, healthcare-related real estate projects, including both multi-tenant medical office buildings and single-tenant, specialty facilities. MedProperties invests through its discretionary funds, MedProperties Capital Partners LP and MedProperties Investment Partners, LP, and is dedicated solely to healthcare real estate. For further information on MedProperties, please visit www.medpropertieslp.com.
About Equity
Founded in 1989 by Steve Wathen, Equity, Inc. is a full-service commercial real estate firm headquartered in Columbus, OH with offices in Cincinnati, Dayton, Muncie (IN), San Antonio, Tampa, and Orlando. Equity develops and acquires cost effective and flexible healthcare real estate in response to the changing space needs of our hospital and physician clients. Equity uses its hospital consulting, operational, and construction expertise to identify and execute on ground-up and value-add opportunities. Hospitals’ appreciate Equity’s track record of bringing hospitals and physicians together around sound leasing and ownership solutions. Equity’s repeat business with hospital systems and physician groups speaks to the success of Equity’s approach and its enduring values. For additional information, please visit http://www.equity.net
– 30 –
The full content of this article is only available to paid subscribers. If you are an active subscriber, please log in. To subscribe, please click here: SUBSCRIBE
Comments are closed, but trackbacks and pingbacks are open.