In first phase of its monetization, Providence St. Joseph sells 10 properties for $59 million
WEST COAST – As Providence St. Joseph Health (PSJH), a West Coast-based health system with 50 hospitals and 829 clinics, looks to right-size its real estate holdings and unlock capital, it recently sold 10 properties in the West with 344,000 square feet to a variety of buyers, according to a team with Newmark Knight Frank (NKF) that is representing the system. Selling for a total of $59 million, the properties are the first phase of PSJH’s overall monetization of non-core assets. NKF’s Garth Hogan, Sean Fulp and Mark Schuessler, who are handling the process for PSJH, will offer a second phase of assets to the market in 2020. For more information, please visit HREInsights.com.
Physicians Realty Trust acquires two MOBs in Greater Buffalo, N.Y., for $45.7 million
GREATER BUFFALO, N.Y. – Milwaukee-based Physicians Realty Trust (NYSE: DOC) on Dec. 18 closed on the acquisition of two MOBs with a total of 91,420 square feet in Greater Buffalo from Chicago-based MBRE Healthcare. According to HRE data firm Revista, DOC paid $45.7 million for the MOBs, or a combined $500 per square foot (PSF). The MOBs are: the 72,700 square foot Harlem Professional Park at 3085 Harlem Road in Cheektowaga; and the 18,720 square foot Western New York Urology Associates building at 500 Sterling Drive in Orchard Park. Both of the MOBs include tenants affiliated with Buffalo-based Kaleida Health. For more information, please visit RevistaMed.com. (Subscription required)
Healthcare Realty Trust acquires Taj Mahal MOB in Laguna Hills, Calif., for $42 million
LAGUNA HILLS, Calif. – Nashville, Tenn.-based Healthcare Realty Trust (NYSE: HR) in early January acquired an 88,538 square foot MOB at 23521 Paseo De Valencia in Laguna Hills for $42 million, or $474 PSF, according to data from Revista. The publicly traded REIT acquired the Taj Mahal Medical Center, a multi-tenant facility built in 1965 and renovated in 2011, from Irvine, Calif.-based Muller Co. The MOB is across the street from the 313-bed Saddleback Medical Center, part of MemorialCare. The Greater Los Angeles Healthcare Services Team with Colliers International represented the buyer. For more information, please visit HREInsights.com.
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