SEATTLE and NEW YORK, November 5, 2021 — A partnership of Seattle-based Elliott Bay Capital Trust (“Elliott Bay”) and New York-based Prospect Ridge has announced the acquisition of a medical office building in Green Bay, WI. The property is approximately 25,000 square feet of space and is 100% leased to Prevea Health in partnership with Hospital Sisters Health System – St. Vincent
Elliott Bay is a real estate investment firm that invests in mission-critical net leased healthcare properties and Prospect Ridge is a leading investment manager specializing in private equity real estate investing in the U.S.
In early 2021, Prospect Ridge and Elliott Bay established a programmatic partnership to acquire mission critical net leased healthcare properties leased to leading specialty care providers, hospitals, and health systems. To date in 2021, the partnership has closed on 14 property transactions of net leased medical office and dialysis properties with several more properties scheduled to close before the end of this year.
“The Green Bay property is a great addition to our portfolio as we continue to progress the execution of our strategy of acquiring mission-critical healthcare properties leased to leading providers with strong credit that are delivering superior services to patients in their communities across the country” said Christian Whipple, CEO of Elliott Bay.
The services offered at the acquired Green Bay site include urgent care, imaging, lab services, orthopedics, sports medicine, cancer rehabilitation, primary care and family medicine. Prevea Health is an integrated multi-specialty group that was founded in 1996 and is the largest, physician owned multi-specialty group in the state of Wisconsin. Prevea is part of and partnered with Hospital Sisters Health System hospitals throughout Wisconsin.
About Elliott Bay Capital Trust
Elliott Bay Capital Trust (www.elliottbaycap.com) is a real estate investment company based in Seattle, WA that acquires and manages healthcare real estate across the U.S. Elliott Bay manages a diversified portfolio of mission-critical outpatient properties leased to leading health systems, national sector-leading companies, and regional care providers. Elliott Bay invests in properties that are mission-critical to healthcare providers’ operations, provide superior services to patients and are integral for the future of healthcare delivery.
About Prospect Ridge
Prospect Ridge (www.prospectridge.com) is a leading investment manager specializing in private equity real estate investing in the U.S, and is the successor entity to a real estate investments business established in 2009 in partnership with AllianceBernstein. Through Prospect Ridge and its predecessor entities, the team has raised over $4.2 billion in capital across three commingled equity funds, a commercial real estate debt business, multiple opportunity zone vehicles, co-investments, and other businesses. The team has invested in approximately 250 assets totaling over $9.1 billion of gross cost since inception.
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