Highly Complex Transaction Comprises 27 Assets Held in Multiple Funds and More Than 1.2 Million Rentable Square Feet Across 10 States
CHICAGO — April 19, 2022 — Harrison Street, one of the leading investment management firms exclusively focused on alternative real assets, today announced the sale of 27 medical office building assets valued at approximately $600 million to NorthWest Healthcare Properties. The properties were held across several of the firm’s funds.
The portfolio is spread across 10 states and contains more than 1.2 million rentable square feet of medical offices, micro hospitals, surgery centers, rehabilitation centers, recovery centers, behavioral hospitals, specialty hospitals, transitional care facilities, and women’s care facilities. The properties are managed in coordination with five of Harrison Street’s JV partners, including Pisula Development, The Sanders Trust, MedProperties Group, Meridian Property Company, and Nexcore.
Ben Mohns, Senior Managing Director and Head of North American Asset Management at Harrison Street, said, “This large-scale transaction is another great example of Harrison Street’s longstanding strategy of acquiring and developing individual assets, executing on a defined business plan, and exiting via strategic portfolio sales. The successful sale of these diversified healthcare assets reinforces Harrison Street’s portfolio execution ability in multiple medical sub-sectors, the proven expertise of our talented team, and the strength of our deep partnerships with JVs and operators, alongside whom we have worked diligently to execute on behalf of our investors.”
Harrison Street is one of the most active and experienced real estate investors in the medical office sector. Substantial recent portfolio transaction activity highlights the strength of the healthcare market and includes the sale of a portfolio of eight medical office buildings across California valued at nearly $215 million, as well as the acquisition of 11 fully occupied medical office properties across Florida, Wisconsin, Illinois, Minnesota, North Carolina, and North Dakota from The Ryan Companies. Since inception, Harrison Street has invested in 339 medical office properties for a total cost of approximately $7.9 billion.
Real estate broker Jones Lang LaSalle Americas, Inc. (“JLL”) marketed the portfolio on behalf of Harrison Street.
About Harrison Street
Harrison Street is one of the leading investment management firms exclusively focused on alternative real assets. Since inception in 2005, the firm has created a series of differentiated investment solutions focused on demographic-driven, needs-based assets. The firm has invested across senior housing, student housing, healthcare delivery, life sciences and storage real estate as well as social and utility infrastructure. Headquartered in Chicago with offices in London, Toronto, San Francisco and Washington D.C., the firm has more than 200-employees and approximately $44 billion in assets under management. Clients of the firm include a global institutional investor base domiciled in North America, Europe, Middle East, Asia and Latin America. Harrison Street was awarded Best Places to Work by Pensions & Investments for seven consecutive years (2014-2020) and was recognized by PERE as the 2021 Alternatives Investor of the Year, North America and 2020 Global Alternatives Investor of the Year. For more information, please visit www.harrisonst.com.
Media Contacts:
Nathaniel Garnick/Grace Cartwright
Gasthalter & Co.
(212) 257-4170
News Release: JLL arranges $600M sale of healthcare property portfolio across 10 states
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