Blueprint sells 38-building, 415,180-square-foot medical outpatient portfolio across Central Pennsylvania tenanted by region’s largest independent primary care group for $90,000,000.
Blueprint was engaged as the exclusive advisor to D&C Realty, the real estate ownership group of a large, regional independent primary care group that owned a 38-asset, 415,180-square-foot medical outpatient portfolio clustered within a 150-mile footprint across Central Pennsylvania. Blueprint’s mandate was to help D&C Realty’s physician owner-users unlock liquidity tied up in the real estate holdings assembled over several decades. To do so, Blueprint structured a new long-term absolute NNN master lease that consolidated a large, varied portfolio into a single cohesive investment, allowing the incoming landlord to own it passively while benefiting from stable, annually escalating cash flow across all locations.
The portfolio stretches from Williamsport and the West Branch Susquehanna Valley south through Selinsgrove, Sunbury, and Lewisburg into the Harrisburg–Hershey corridor and on to York and Lancaster County. It is anchored by the tenant’s 104,942-square-foot headquarters and medical campus in Selinsgrove. At closing, a new 15-year absolute NNN master lease was signed by the tenant, Family Practice Center PC (FPC), across 30 single-tenant locations and 8 multi-tenant locations, with the majority of sub-tenant occupancy coming from Geisinger (Moody’s: A2) and Wellspan Health (Moody’s: Aa3). This new lease shows the long-term commitment FPC has to not only the communities they serve, but the patient care within those communities.
Blueprint’s Medical Properties team ran a targeted national marketing process, positioning the offering as a rare opportunity to acquire the real estate platform tenanted by a dominant, growing physician practice in a supply-constrained market where the 65+ population within 50 miles of Harrisburg is projected to grow 11.8% over the next five years. The process drew competitive interest from a deep pool of healthcare and single tenant net lease investors.
“This transaction reflects a core strength of our medical properties team: helping physician owner-users unlock the capital in their real estate while they remain in place as tenants and continue practicing in the same facilities,” stated Steve Thomes, Executive Managing Director & Head of Business Development, Blueprint
“The sale also reinforces the depth of investor demand for medical outpatient buildings, a segment of healthcare real estate that keeps expanding as care delivery shifts from hospital campuses to off-campus settings. We’re grateful to our clients for their trust, and we’re proud to have structured a solution that worked for every party involved.”
About Family Practice Center:
Founded nearly 50 years ago and headquartered in Selinsgrove, Pennsylvania, Family Practice Center PC (FPC) is the largest independent primary care physician group in central Pennsylvania. As a physician-owned organization, FPC has maintained its independence while growing to serve over 1 million patients annually across 61 locations in 12 counties. The group’s more than 200 providers care for patients of all ages, from newborns to seniors, including those in skilled nursing facilities, rural communities, and underserved areas.
FPC offers a broad range of services including family medicine, pediatrics, internal medicine, sleep medicine, counseling, onsite laboratory and imaging, physical therapy, and skin care. The organization operates under a patient-centered medical home (PCMH) model, emphasizing coordinated, high-quality care in partnership with patients and their families.
About Blueprint:
Chicago-based Blueprint was founded in 2013 with a mission to elevate healthcare real estate brokerage through collaboration and data. Today, Blueprint is the most active healthcare real estate advisory firm with expertise in seniors housing, skilled nursing, behavioral healthcare, and medical properties. The firm also offers dedicated capital markets support to offer our clients a full spectrum of comprehensive debt and equity solutions. With a proven track record of over $20 billion in transaction volume, Blueprint’s model combines broad market coverage with unrivaled analytics to deliver results.
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