Blueprint brokers the sale of 415,000 s.f. portfolio anchored by large primary care group
CENTRAL PENNSYLVANIA – An undisclosed investor has paid $90 million for a 38-building, 415,180 square foot medical outpatient building (MOB) portfolio in cities across a 150-mile area of central Pennsylvania that is occupied by the “region’s largest independent primary care group.”
News of the sale comes from Chicago-based Blueprint’s Medical Properties team, which brokered the sale for the seller, D&C Realty, the real estate ownership group of Selinsgrove, Pa.-based Family Practice Center PC (FPC), a physician-owned organization with 61 locations in 12 counties and which services more than a million patients annually.
“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,” according to a news release from Blueprint. “To do so, Blueprint structured a new long-term absolute (triple-net) 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.”
According to Blueprint, the portfolio is “anchored” by FPC’s 104,942 square foot flagship campus and headquarters facility in Selinsgrove, about 45 miles north of the state capitol in Harrisburg.
Blueprint also states that the new lease signed by FPC covers 30 single-tenant locations and eight multi-tenant locations, with the “majority of sub-tenant occupancy coming from” Danville, Pa.-based Geisinger, a health system that operates 10 hospitals and has an A2 rating from Moody’s; and York, Pa.-based Wellspan Health, which operates nine hospitals and has an Aa3 rating from Moody’s: Aa3.
“The sale … 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,” stated Steve Thomes, executive managing director and head of business development with Blueprint. We’re grateful to our clients for their trust, and we’re proud to have structured a solution that worked for every party involved.”
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