Potential recapitalization could kick off a programmatic JV with a capital source
The Woodside portfolio includes 16 properties in four states totaling 802,000
square feet, including this facility in Dripping Springs, Texas. (Photo courtesy of Newmark)
CLEVELAND – Feb. 15 was a busy day of announcements for Woodside Health. The Cleveland-based private equity investor focused on healthcare facilities announced the sale of a four-asset portfolio, the acquisition of a five-building medical office and retail complex in Arizona, and the marketing of a 16-MOB portfolio.
First, the company announced that it recently sold a four-asset, 282,000 square foot portfolio for more than $75 million, or about $266 per square foot (PSF). The facilities are in the metropolitan areas of Phoenix, Cleveland and San Antonio, and the tenants include, according to Woodside, “hospital systems, ambulatory surgery centers (ASCs) and high performing regional medical practices.”
Ben Barr, principal, said: “At Woodside Health, we’re primarily focused on growing and operating our portfolio of high-quality healthcare assets. This portfolio comprised four healthcare real estate assets that we acquired with value-add investment objectives. We achieved those objectives, and the sale provided a great outcome for our investors.”
Woodside says it has “established a robust pipeline of acquisition targets for the upcoming 12 months.”
For more information on the four-asset portfolio sale, please visit HREInsights.com.
A little more than an hour later, HREI learned that Woodside is exploring new joint venture (JV) capital relationships for its growing acquisition pipeline. In connection with that, it has put on the market a portfolio of 16 properties with a total of 802,000 square feet of space in four states for recapitalization as a seed for the JV. The portfolio is 94 percent leased, with 40 percent of the leased space being occupied by health systems and market “dominant” physician groups.
The Healthcare Capital Markets team with Newmark Group Inc. (Nasdaq: NMRK), is marketing the programmatic JV opportunity and the portfolio for Woodside.
Finally, later that same afternoon, Woodside said it acquired a “Class A healthcare asset in (suburban) Phoenix, which represents (the firm’s) 40th acquisition” since its founding in 2008.
The property was Il Palazzo at Arrowhead Ranch, a five-building mixed-use medical office and retail complex totaling 44,680 square feet in Glendale, Ariz.
For more information on the Glendale acquisition, please visit HREInsights.com.
News Release: Woodside Health Announces Sale of Multi-State Medical Office Portfolio
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