Crown MedRealty and EPC pay $33.97M for campus near Toledo, Ohio
By John B. Mugford
A JV of Crown MedRealty and EPC Real Estate Group recently closed on the acquisition of the 73-acre Bon Secours Mercy Health St. Luke’s Medical Campus that includes nine outpatient buildings with a total of 185,000 square feet in Maumee, Ohio, a suburb about 10 miles southwest of Toledo. (Photo courtesy of Crown MedRealty)
A healthcare real estate (HRE) firm rarely gets the opportunity to acquire an entire campus of fully occupied outpatient buildings that a strong health system considers vital to its delivery model.
However, that was the opportunity presented in recent months to Kansas City, Mo.-based Crown MedRealty Partners, an HRE firm that owns and manages a portfolio of more than 100 properties that tops $750 million in value.
In a joint venture (JV) partnership, Crown MedRealty and another Kansas City-area firm, EPC Real Estate Group, which has a heavy focus on residential and mixed-use development, recently closed on the acquisition of the 73-acre Bon Secours Mercy Health St. Luke’s Medical Campus that includes nine outpatient buildings with a total of 185,000 square feet in Maumee, Ohio, a suburb about 10 miles southwest of Toledo. The campus is just northeast of the intersection of U.S. Interstate 475 and U.S. Route 24.
The price was $33.97 million, or about $183.7 per square foot (PSF), for the facilities acquired in what can be considered a long-term sale-leaseback from Bon Secours Mercy Health St. Luke’s, part of Cincinnati-based Bon Secours Mercy Health, or Mercy Health, which operates 50 hospitals in seven states.
As part of the transaction,
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