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Transactions: TST, Harrison Street sell 11-property portfolio for $240M

Lincoln Advisors acquires the 474,100 square feet of MOBs, IRFS for pension fund client

By John B. Mugford

The portfolio sold by The Sanders Trust and Harrison Street included four inpatient rehabilitation facilities (IRFs), including this Austin, Texas, facility operated and occupied by Birmingham-based Encompass Health (NYSE: EHC). (Photo courtesy of The Sanders Trust)

At this point during the COVID-19 pandemic, there are plenty of investors looking to deploy “pent up” capital into stable investments amid a time of continued uncertainty.

This was certainly evident during the recent marketing and sales process for an 11-property, 474,1000 square foot medical office building (MOB) and inpatient rehabilitation facility (IRF) portfolio, which recently sold for $240 million, or about $506 per square foot (PSF).

The offering received “significant” demand from investors, including those looking to acquire the MOBs and IRFs as separate portfolios, according to Christopher R. Bodnar, vice chairman, along with Lee Asher, of the U.S. Healthcare and Life Sciences Capital Markets team with CBRE Group Inc. (NYSE: CBRE), which marketed the properties and represented the seller.

That seller was

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