Transactions: Sanders Trust finds smaller, single assets  to build its portfolio

BIRMINGHAM, Ala. – The Sanders Trust (TST), a well-known HRE investment firm that has done a number of large deals, recently demonstrated that it is also willing to make smaller acquisitions to build its portfolio of healthcare facilities.

In recent weeks, TST spent a total of about $23.5 million in four transactions for five facilities. The total square footage of the facilities is a bit more than 70,000.

Included in the purchases are four clinics in what TST calls “key” suburbs in Indiana, Georgia and Pennsylvania and, according to officials, “reflect a national trend of health providers locating services in settings that are convenient and accessible to the communities they serve.”

One of the purchases is for a hematology and oncology clinic in Asheville, N.C., the main city in North Carolina’s portion of the Great Smoky Mountains.

Steve B. Hewett, senior VP with TST, noted in a statement that “increasingly, healthcare providers are choosing to position themselves on main thoroughfares or near retail centers rather than on or near hospital campuses as with traditional medical office buildings. The facilities are not only convenient for patients, but also tend to be more efficient and less costly to operate.  Although they often differ in size and location relative to traditional facilities, these assets are strategically relevant to healthcare providers.”

Mr. Hewett adds that TST continues to have a goal of acquiring anywhere from $100 million to $200 million in facilities annually.
The facilities TST recently acquired are:

■ Collegeville Park Medical Center, a 15,000 square foot clinic just off of South Collegeville Road in Collegeville, Pa. It is surrounded by housing, dining, and a community park. The facility is anchored by Jefferson Outpatient Imaging, an affiliate of Thomas Jefferson University Hospitals, and a member of Philadelphia-based Jefferson Health System Inc.

■ Orthopaedic Associates and Deaconess MOB near Evansville, Ind. The 13,000 square foot facility is leased to Orthopaedic Associates, an independently owned and operated clinic, as well as Evansville-based Deaconess Health System.

■ Two multi-specialty clinics in the Atlanta suburbs of Peachtree City and McDonough. The stand-alone clinics have a combined total of 18,205 square feet and are leased by Emory Specialty Associates and Emory Hospital-Midtown, affiliates of Atlanta-based Emory Healthcare. Services provided include primary care and diagnostic imaging.

■ Asheville Hematology & Oncology building at 20 Medical Park Drive, in Asheville, N.C. TST paid $11.6 million for the 24,120 square foot facility, or $483 PSF. The one-story building is 100 percent occupied by Asheville Hematology & Oncology, part of Asheville-based Mission Health. The seller is a private limited liability company, Asheville MOB LLC.

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