SEATTLE — A partnership of Seattle-based Elliott Bay Capital Trust (“Elliott Bay”) and Pantheon has announced the acquisition of a medical office building in Cedar Falls, IA leased to a leading health system providing specialty services.
The property is 14,434 square feet, 100% leased to UnityPoint Health and provides occupational health services including lab, imaging, and physical therapy capabilities. The property was built-to-suit for UnityPoint – Allen Hospital and was strategically located to meet employer and patient demand and as a highly convenient access point for care.
Cedar Falls is a vibrant, thriving city and part of the Cedar Falls/Waterloo metropolitan area with 165,000 residents. Cedar Falls is home to University of Northern Iowa and is located at the intersection of I-218/380 and U.S. Hwy 20 within several hours drive teams of several major Midwest markets making it a transportation and distribution hub.
“We are excited to acquire this outstanding medical real estate asset in a high demand, patient focused destination and to enter into a new relationship with a leading health system” said Christian Whipple, CEO of Elliott Bay.
Allen Hospital is a 204-bed, not-for-profit community hospital serving the Cedar Valley and an affiliate hospital of UnityPoint Health, which cares for one of every three patients in Iowa. UnityPoint is an integrated health system providing care throughout Iowa, western Illinois and southern Wisconsin in not-for-profit hospitals, clinics and home health settings serving 8 million patient visits a year.
About Elliott Bay Capital Trust
Elliott Bay Capital Trust (www.elliottbaycap.com) is an integrated real estate investment platform based in Seattle, WA that acquires and manages healthcare properties across the U.S. Founded in 2013, Elliott Bay manages a diversified portfolio of outpatient medical properties nationwide leased to leading health systems, national sector-leading companies, and regional care providers. Elliott Bay aligns with its healthcare provider partners to help unlock economic value and enhance operating flexibility while creating long-term value in each of its real estate investments.
About Pantheon
Pantheon is a global private markets specialist currently investing on behalf of more than 1,000 investors, including public and private pension plans, insurance companies, endowments, foundations and private wealth clients. Founded in 1982, Pantheon has an established reputation across private market asset classes, covering all stages and geographies, and provides investment solutions that include flagship fund offerings, as well as integrated programs and customized solutions. Pantheon’s dedicated real estate strategy was established in 2021 and focuses on partnering with specialized owner-operators to provide flexible, programmatic capital solutions in needs-based property sectors that benefit from strong secular tailwinds and that offer defensive characteristics across market cycles.
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