SOLD
Post Falls & Coeur d’Alene, Idaho
PHYSICIAN-OWNED SURGICAL HOSPITAL & MOB PORTFOLIO
Sale Announcement
HREA | Healthcare Real Estate Advisors is pleased to announce the real estate sale of Northwest Specialty Hospital (“Hospital”), a physician-owned surgical hospital, and six (6) affiliated medical office buildings, located in Post Falls, ID and Coeur d’Alene, ID (“Portfolio”). The transaction also included 7.54 acres of developable land, which was sold to an affiliate of the Hospital.
The Portfolio consisted of a multi-specialty surgical hospital with 32 beds, eight operating rooms, two procedure rooms, two anesthesia recovery units, an endoscopy center, and a connected 36,000-square-foot medical office building, located in Post Falls, Idaho, which is a part of the Greater Spokane MSA.
Strategically located between Coeur d’Alene to the east and Spokane to the west, Northwest Specialty Hospital is one of the few hospitals and only physician-owned hospital serving the region. The Hospital is also the region’s only five-star rated hospital and one of the top 100 hospitals in the nation for patient satisfaction.
Northwest Specialty Hospital is owned and operated by a team of local physicians in partnership with Surgery Partners (NASDAQ: SGRY). The transaction also included 7.54 acres of developable land that is located adjacent to the Hospital, which is slated to accommodate the Hospital’s near-term and long-term growth in expanding its service lines in oncology, orthopedics, and other specialties, as well as a new outpatient surgery center and additional parking.
The real estate transaction, structured as a Hybrid Sale-Leaseback, allowed the physicians to retain ownership in the real estate on a tax-deferred basis, promoting physician alignment, continued distributions, and a reduced buy-in for new physicians.
The buyer was Hammes Partners, an investment management firm that invests on behalf of institutional investors with an exclusive focus on the U.S. healthcare real estate market.
“The Northwest Specialty Hospital campus and its affiliated medical office buildings are first-rate properties that support quality medical care in a region that has and will continue to experience a tremendous amount of population growth,” said Christopher Stai, Managing Director of HREA. “Our team’s ability to structure a transaction that accommodated continued physician investment along with capital to grow the campus, enables Northwest Specialty Hospital to continue to be the dominant healthcare provider for the region for many years to come.”
“We are pleased to support Northwest Specialty Hospital, its physicians, and Surgery Partners as they expand their footprint and coverage area in the Greater Spokane market,” said Justin Shea, Principal of Hammes Partners. “Through the years, we have developed a great relationship with HREA, and appreciate the opportunity to work HREA on another successful transaction, as well as the leadership at Surgery Partners.”
About HREA
HREA | HEALTHCARE REAL ESTATE ADVISORS is a national leader in advising healthcare providers and real estate owners with various monetization strategies, including disposition, debt & equity recapitalization, and tax-deferred structures, such as the Hybrid Sale-Leaseback®, §1031 Exchange, and UPREIT.
HREA’s capabilities also include providing health systems and physician groups with 100% nonrecourse financing for new development and expansion, as well as monetizing surplus and non-essential real estate assets.
The founders of HREA have completed over $4 billion of healthcare real estate sale transactions in nearly every state in the U.S. With an exclusive focus on healthcare real estate, HREA has a unique perspective of this rapidly evolving industry that provides solutions customized to each client’s goals and objectives.
ABOUT HREA | OUR SERVICES | REPRESENTATIVE TRANSACTIONS | NEWS | CONTACT US
CHRISTOPHER L. STAI, CPA
Managing Director
480.433.3494
cstai@healthcareREA.com
CA Broker License #: 01836740
NC Broker License #: 337848
Raleigh, NC
MICHAEL ALTIERI, CCIM
Director
704.770.8483
maltieri@healthcareREA.com
NC: 234557
Charlotte, NC
RYAN V. MICHAELS
Senior Associate
760.815.0421
rmichaels@HealthcareREA.com
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San Diego, CA
JANTZEN B. GONGON
Director of Marketing
619.894.5949
jgongon@healthcareREA.com
San Diego, CA
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