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News Release: Capital One Closes $38.6 Million Loan for Delaware Medical Office Building

News Release: Capital One Closes $38.6 Million Loan for Delaware Medical Office Building

By on January 9, 2020

New York (January 9, 2020) – Capital One announced today that it provided a $38.6 million adjustable-rate loan to finance the acquisition of a 140,000-square-foot medical office building in Dover, Delaware. The borrower is a joint venture of MedProperties Realty Advisors, Capital Security Advisers, and Physicians Realty Trust. MedProperties and Physicians Realty are repeat Capital One customers.

The facility includes initial funding of $36.05 million, a $2 million holdback for tenant improvements and leasing commissions, and a $500,000 capital expenditure holdback.

The medical office building, which is almost completely leased, includes imaging and outpatient surgery centers affiliated with the Dover campus of Bayhealth Hospital, southern Delaware’s leading healthcare provider. Built in 2008, it is located on a 10.6 acre site.

“We were pleased to partner once again with MedProperties and Physicians Realty Trust. We have had a long and storied relationship with both parties,” said Erik Tellefson, Managing Director of Capital One Healthcare. “This is an excellent property in a stable market.”

MedProperties is a Dallas-based private equity fund that develops and acquires healthcare real estate including medical office buildings, out-patient facilities, ambulatory surgery centers, inpatient rehabilitation facilities, and surgical hospitals. Physician’s Realty Trust, a publicly traded healthcare REIT, specializes in acquiring, selectively developing, owning and managing healthcare properties that are leased to physicians, hospitals and healthcare delivery systems.

“We have partnered with Capital One many times because of the depth of their experience in medical office building finance,” said Darryl Freling, cofounder of MedProperties. “They are really quick to understand our goals for each property, structure the deal accordingly, and provide certainty of execution.”

Capital One Healthcare is a leading provider of financial services to the industry. Customers across healthcare sectors — including senior housing, healthcare services, pharmaceuticals, medical devices, healthcare IT and medical offices — rely on Capital One Healthcare to finance acquisitions, refinance existing debt, support working capital needs and fund growth initiatives. With in-depth expertise, our team of professionals creates solutions tailored to meet the needs of our customers. Additional information can be found at capital.one/healthcare.

About Capital One

Capital One Financial Corporation (www.capitalone.com) is a financial holding company whose subsidiaries, which include Capital One, N.A., and Capital One Bank (USA), N.A., had $257.1 billion in deposits and $378.8 billion in total assets as of September 30, 2019. Headquartered in McLean, Virginia, Capital One offers a broad spectrum of financial products and services to consumers, small businesses and commercial clients through a variety of channels. Capital One, N.A. has branches located primarily in New York, Louisiana, Texas, Maryland, Virginia, New Jersey and the District of Columbia. A Fortune 500 company, Capital One trades on the New York Stock Exchange under the symbol “COF” and is included in the S&P 100 index.

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News Release: Placement of Debt – Eden Hill Medical Center

By on January 8, 2020

CBRE U.S. Healthcare Capital Markets is pleased to announce the placement of debt of the Eden Hill Medical Center (the “Property”), located in Dover, Delaware. Sabrina Solomiany, Chris Bodnar, Lee Asher, Ryan Lindsley and Jordan Selbiger acted as the exclusive advisors to Dallas, Texas based MedProperties Realty Advisors.

CBRE U.S. Healthcare Capital Markets secured acquisition financing including future tenant improvement and leasing commission funding.  Both fixed and floating rate loan options were available with interest only at an aggressive spread.  The borrower was able to capitalize on an aggressive market with significant interest from lenders.

The Property is a 94% leased, Class-A, three-story, 140,205 square foot medical office building. It is situated one mile away from Bayhealth Hospital, a 316-bed, Level III trauma center, the dominant health system in the region, making the Property one of the premier medical office buildings in the state.

For more information, or if we can help with your healthcare real estate holdings, please contact us.

SABRINA SOLOMIANY
First Vice President Debt & Structured Finance
+1 404 536 5054

CHRIS BODNAR
Vice Chairman Investment Properties
+1 303 628 1711

LEE ASHER
Vice Chairman Investment Properties
+1 404 504 5965

RYAN LINDSLEY
Senior Director Investment Properties
+1 303 628 1745

JORDAN SELBIGER
Director Investment Properties
+1 404 923 1259

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News Release: Caddis hires Kyle A. Miller to serve as Director of Development

By on January 8, 2020

Executive brings more than 23 years of commercial real estate and military leadership experience

DALLAS, Jan. 8, 2020 – Caddis®, a national healthcare real estate firm headquartered in Dallas, has hired experienced commercial real estate development and investment executive, and former naval officer, Kyle A. Miller to serve as Director of Development.

In his new position, Mr. Miller will lead the Caddis development and construction team, ensuring that all projects are designed, underwritten, financed and built to achieve the best outcomes for clients. In his role, he will also direct the growth of Caddis’ Heartis® senior housing development platform in markets across the United States.

“We’re impressed with Kyle Miller’s stellar experience and background and are excited to welcome him to Caddis,” says Caddis CEO and Partner Jason L. Signor. “We’re confident that he will contribute a wealth of knowledge and leadership skills to our team and help us continue to build great long-term relationships with our clients.”

Mr. Miller served for more than nine years as an officer in the U.S. Navy. Among his many accomplishments, he was awarded two Air Medals with Combat ‘V’ and was selected as a Naval Fighter Weapons School (TOPGUN) instructor.

Mr. Miller has more than 13 years of leadership experience in the commercial real estate sector. He has led development teams and developed commercial properties for both publicly traded and private companies, including his own firm, in markets throughout Texas and the United States delivering over 5 million square feet of projects. This included serving as Senior Vice President & Director, Development & Investment, at Trammell Crow Company‘s Houston office, where he developed more than 1 million square feet of commercial space in one of the firm’s top-performing business units.

Mr. Miller graduated with Merit from the U.S. Naval Academy in Annapolis, Md., with a Bachelor of Science degree in Systems Engineering. He also received a Master of Business Administration from the Stanford Graduate School of Business. In his free time, he serves on the YMCA Advisory Board and as a Boy Scout leader; and enjoys history, sports, flying, fishing and golf.

About Caddis

Caddis® is a national real estate development, management and investment firm focused exclusively on healthcare real estate. The firm is comprised of experienced real estate professionals across various disciplines that provide clients with expertise in development, acquisition, financing, construction management, leasing, tenant representation, property management and accounting. Since its inception, Caddis™ has developed or acquired nearly 5 million square feet of medical assets valued in excess of $1 billion. In its annual Construction and Design Survey, Modern Healthcare magazine recognized Caddis as the 5th largest healthcare development company in the United States. For more information about Caddis, please visit www.Caddis.com.

Follow us on Twitter at www.twitter.com/CaddisPartners

Follow us on LinkedIn at www.linkedin.com/company/caddis-partners

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News Release: MedProperties, Capital Security Advisors form JV with DOC REIT to acquire Delaware property

By on January 8, 2020

MedProperties, Physicians Realty Trust and Capital Security Advisors all have an equity interest in the Class A, 140,205 square foot, multi-tenant Eden Hills Medical Center in Dover, Del.

The Class A, 140,205 square foot Eden Hill Medical Center is located on a 23-acre site in Dover, Del., that will provide future development opportunities.

DOVER, Del., and DALLAS, Jan. 8, 2020 – MedProperties Realty Advisors, LLC announced that it has formed a joint venture (JV) with Capital Security Advisors and Physicians Realty Trust (NYSE: DOC) to acquire its first healthcare property in Delaware – the 140,205 square foot, multi-tenant Eden Hill Medical Center in Dover. The acquisition closed on October 31.

The Class A, three-story facility at 200 Banning St. is less than a mile from Bayhealth Kent General Hospital, part of the region’s leading healthcare system. The medical office building (MOB) is 94 percent leased to a diverse roster of 23 tenants representing Dover’s leading physician practices that include gynecology, urology, and cardiology, including some practices affiliated with Bayhealth.  The MOB also includes a very successful, 24,000 square foot surgery center.

The seller of the property was Eden Hill Medical Center,  LLC, which was formed by some of the physician group tenants that originally developed the building in 2008 as part of a 23-acre master planned site that is owned by an affiliated entity. To date, the only other facility developed on the site is a rehabilitation/skilled nursing facility.

Darryl Freling, Managing Principal of MedProperties Realty Advisors, a national healthcare real estate private equity firm headquartered in Dallas, says MedProperties executives are pleased with their first acquisition in Delaware, which now gives the firm investments in 24 states.

“We acquired the MOB on an off-market basis after being introduced to the investment opportunity by Dennis Irvin, the CEO of Capital Security Advisors who had a relationship with the seller. The MOB checked every box for us. The project is a Class A, institutional facility with a long, weighted average lease term from the area’s leading practice groups as well as tenants affiliated with the area’s leading hospital system, and has been over 90% leased since it was developed in 2008.  The MOB includes a very successful surgery center, and Delaware is a CON state.” says Mr. Freling.

Capital Security Advisors, a Boston-based investment management and advisory firm focused on infrastructure and real estate, brought the deal to MedProperties and holds an equity position in the JV.

“Capital Security Advisors had an agreement in principle with the seller to purchase the property, but we needed a partner with capital and healthcare real estate experience,” explains Dennis Irvin, Principal of the firm. “We didn’t know MedProperties, but they were recommended to us, so we introduced them to the project. We are now very pleased with our successful partnership with MedProperties as well as DOC REIT.”

Mr. Freling noted that MedProperties is the majority owner and manager of the JV, and DOC committed to a 49 percent equity stake in the project.

“We invest better and grow through our relationships” says John Thomas, President and CEO of Physicians Realty Trust, a Milwaukee-based self-managed healthcare real estate investment trust that acquires, owns and manages healthcare properties. “Eden Hill Medical Center is an outstanding example of the future of healthcare delivery, with a healthcare ecosystem anchored by an ambulatory surgery center and opportunity for future growth.  We appreciate the MedProperties team for inviting us to participate in the Eden Hill Investment.”

 “This transaction required months of legal work to revise and amend aspects of the original, 23-acre master plan” Mr. Freling continues. “We had to make a number of changes, including breaking out the MOB with a separate tax ID, and creating a REA that will govern all of the parcels within the master plan”.

“We also negotiated rights of first refusal on the remaining, undeveloped parcels within the 23-acre property. We’ve been building close relationships with the landowner, tenants and other local healthcare providers, so we’re excited to work with them on potential future development opportunities on the site.”

Debt for the acquisition was provided by Capital One, with a participation by Siemens Financial Services.

About MedProperties Realty Advisors

MedProperties Realty Advisors LLC is a Dallas-based healthcare real estate private equity firm that invests on a direct and an indirect basis (through joint venture relationships) in the development of new, value-add, and stabilized healthcare real estate, including multitenant medical office buildings and single-tenant, specialty healthcare facilities throughout the U.S. MedProperties invests through its discretionary funds, and through stand-alone investment vehicles. MedProperties is dedicated solely to investments in healthcare real estate. For further information on MedProperties, please visit www.medpropertieslp.com.

About Capital Security Advisors

Capital Security Advisors is an investment management and advisory firm specializing in infrastructure and real estate that seeks to provide investors with attractive risk-adjusted returns in high-quality assets.  Returns are generated through the management of the Infrastructure Opportunity Fund ™, a long-short hedge fund investing in debt and equity projects and enterprises, and through real estate investment services. Services include advisory, investment management and asset management with a focus on demographically driven, multifamily, healthcare, and office properties in the fastest-growing regions of the United States. For more information please visit capitalsecurityadvisors.com

About Physicians Realty Trust

Physicians Realty Trust (NYSE:DOC) is a self-managed healthcare real estate investment trust that acquires, owns and manages healthcare properties that are leased to physicians, hospitals and healthcare delivery systems and other healthcare providers. The management team includes healthcare professionals with more than 50 years of experience in healthcare executive management, policy, law, and finance, as well as experience with real estate acquisitions, development and property management. Through our healthcare specific knowledge, we earn the trust of physicians, hospitals, and other health care providers by helping them better serve their patients, partners and payers. In turn, our investments in these providers deliver reliable dividends and stock price appreciation for our investors. For additional information, please visit: www.docreit.com.

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News Release: MedProperties, Capital Security Advisors form JV with DOC REIT to acquire Delaware property 

By on January 8, 2020

FOR IMMEDIATE RELEASE

MedProperties, Physicians Realty Trust and Capital Security Advisors all have an equity interest in the Class A, 140,205 square foot, multi-tenant Eden Hills Medical Center in Dover

The Class A, 140,205 square foot Eden Hill Medical Center is located on a 23-acre site in Dover, Del., that will provide future development opportunities.

DOVER, Del., and DALLAS, Jan. 8, 2020 —MedProperties Realty Advisors, LLC announced that it has formed a joint venture (JV) with Capital Security Advisors and Physicians Realty Trust (NYSE: DOC) to acquire its first healthcare property in Delaware – the 140,205 square foot, multi-tenant Eden Hill Medical Center in Dover. The acquisition closed on October 31.

The Class A, three-story facility at 200 Banning St. is less than a mile from Bayhealth Kent General Hospital, part of the region’s leading healthcare system. The medical office building (MOB) is 94 percent leased to a diverse roster of 23 tenants representing Dover’s leading physician practices that include gynecology, urology, and cardiology, including some practices affiliated with Bayhealth. The MOB also includes a very successful, 24,000 square foot surgery center.

The seller of the property was Eden Hill Medical Center, LLC, which was formed by some of the physician group tenants that originally developed the building in 2008 as part of a 23-acre master planned site that is owned by an affiliated entity. To date, the only other facility developed on the site is a rehabilitation/skilled nursing facility.

Darryl Freling, Managing Principal of MedProperties Realty Advisors, a national healthcare real estate private equity firm headquartered in Dallas, says MedProperties executives are pleased with their first acquisition in Delaware, which now gives the firm investments in 24 states.

“We acquired the MOB on an off-market basis after being introduced to the investment opportunity by Dennis Irvin, the CEO of Capital Security Advisors who had a relationship with the seller. The MOB checked every box for us. The project is a Class A, institutional facility with a long, weighted average lease term from the area’s leading practice groups as well as tenants affiliated with the area’s leading hospital system, and has been over 90% leased since it was developed in 2008. The MOB includes a very successful surgery center, and Delaware is a CON state.” says Mr. Freling.

Capital Security Advisors, a Boston-based investment management and advisory firm focused on infrastructure and real estate, brought the deal to MedProperties and holds an equity position in the JV.

“Capital Security Advisors had an agreement in principle with the seller to purchase the property, but we needed a partner with capital and healthcare real estate experience,” explains Dennis Irvin, Principal of the firm. “We didn’t know MedProperties, but they were recommended to us, so we introduced them to the project. We are now very pleased with our successful partnership with MedProperties as well as DOC REIT.”

Mr. Freling noted that MedProperties is the majority owner and manager of the JV, and DOC committed to a 49 percent equity stake in the project.

“We invest better and grow through our relationships” says John Thomas, President and CEO of Physicians Realty Trust, a Milwaukee-based self-managed healthcare real estate investment trust that acquires, owns and manages healthcare properties. “Eden Hill Medical Center is an outstanding example of the future of healthcare delivery, with a healthcare ecosystem anchored by an ambulatory surgery center and opportunity for future growth.  We appreciate the MedProperties team for inviting us to participate in the Eden Hill Investment.”

“This transaction required months of legal work to revise and amend aspects of the original, 23-acre master plan” Mr. Freling continues. “We had to make a number of changes, including breaking out the MOB with a separate tax ID, and creating a REA that will govern all of the parcels within the master plan”.

“We also negotiated rights of first refusal on the remaining, undeveloped parcels within the 23-acre property. We’ve been building close relationships with the landowner, tenants and other local healthcare providers, so we’re excited to work with them on potential future development opportunities on the site.”

Debt for the acquisition was provided by Capital One, with a participation by Siemens Financial Services.

About MedProperties Realty Advisors

MedProperties Realty Advisors LLC is a Dallas-based healthcare real estate private equity firm that invests on a direct and an indirect basis (through joint venture relationships) in the development of new, value-add, and stabilized healthcare real estate, including multitenant medical office buildings and single-tenant, specialty healthcare facilities throughout the U.S. MedProperties invests through its discretionary funds, and through stand-alone investment vehicles. MedProperties is dedicated solely to investments in healthcare real estate. For further information on MedProperties, please visit www.medpropertieslp.com.

About Capital Security Advisors

Capital Security Advisors is an investment management and advisory firm specializing in infrastructure and real estate that seeks to provide investors with attractive risk-adjusted returns in high-quality assets.  Returns are generated through the management of the Infrastructure Opportunity Fund ™, a long-short hedge fund investing in debt and equity projects and enterprises, and through real estate investment services. Services include advisory, investment management and asset management with a focus on demographically driven, multifamily, healthcare, and office properties in the fastest-growing regions of the United States. For more information please visit capitalsecurityadvisors.com.

About Physicians Realty Trust

Physicians Realty Trust (NYSE:DOC) is a self-managed healthcare real estate investment trust that acquires, owns and manages healthcare properties that are leased to physicians, hospitals and healthcare delivery systems and other healthcare providers. The management team includes healthcare professionals with more than 50 years of experience in healthcare executive management, policy, law, and finance, as well as experience with real estate acquisitions, development and property management. Through our healthcare specific knowledge, we earn the trust of physicians, hospitals, and other health care providers by helping them better serve their patients, partners and payers. In turn, our investments in these providers deliver reliable dividends and stock price appreciation for our investors. For additional information, please visit: www.docreit.com.

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News Media Contact: Darryl E. Freling, Managing Principal, MedProperties Realty Advisors,214.661.1000

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News Release: Anchor Health Properties Continues Expansion in Atlanta and Seattle MSAs with Off Market Acquisitions

By on January 7, 2020

FOR IMMEDIATE RELEASE

January 7th, 2020

(Media, PA) Anchor Health Properties (Anchor) a national full service healthcare real estate development, management, and investment company focused exclusively on medical facilities, has recently invested in two Class A medical office buildings in separate off market transactions across two of the firm’s targeted growth markets.

The Peachtree Professional Center, located in the heart of the high-growth Peachtree City, Georgia submarket south of the Atlanta airport, is a key driver of outpatient services to the local community. Peachtree City is one of the largest master planned communities in the United States. Originally designed in the 1950s, Peachtree City now extends over 100 square miles and houses an affluent population of nearly 50,000 people, including a significant population of retirees. The two story, 45,000 square foot Peachtree Professional Center was built in 2011 featuring ownership by several key physician practices of complementary specialties and is currently anchored by Piedmont Healthcare. The facility features a modern brick and glass façade, and is located on State Highway 54 West, which bifurcates the Peachtree City community.

The Edmonds Medical Center is located adjacent to the Swedish Health Edmonds Hospital Campus in the northern Seattle submarket of Edmonds, Washington. The 32,000 square foot, two story best in class building was originally built in 2012 for local physicians and was later leased by The Everett Clinic, a wholly owned subsidiary of UnitedHealth Group (Moody’s A3). The building houses a CON governed ambulatory surgery center and imaging suite. The Edmonds submarket features a highly affluent population and a high concentration of 65+ residents who drive a need for health services in the community.

Anchor acquired the Peachtree Professional Center on behalf of its co-managed Chestnut Healthcare Fund I. Several previous physician owners have also remained in the building ownership post-closing. Anchor sourced the Edmonds Medical Center and closed it with a repeat institutional capital partner. Anchor will manage and lease both buildings going forward. Anchor now manages and leases more than 6,000,000 square feet of medical office space across the US. Anchor is looking to add to its current property management team in each market with new hires in the coming weeks.

Anchor’s Chief Executive Officer Ben Ochs stated, “We are extremely excited about these particular acquisitions. Both the Atlanta and Seattle markets continue to have strong demand for healthcare services along with growing populations, and we continue to find prime assets with potential for us to create value by positioning the buildings as high-quality institutional medical office facilities specifically for healthcare tenants. The prominent locations and high-growth areas have already attracted best-in-class medical providers, including Piedmont Healthcare and The Everett Clinic/UnitedHealth Group, as well as top regional medical tenants, and we are looking forward to partnering with them in providing high quality care to the surrounding communities.”

“Atlanta and Seattle are among the highest growth markets for Anchor’s investment and management platforms across the United States,” noted James Schmid, Chief Investment Officer with Anchor. “The acquisition of these two best in class assets at attractive valuations adds to the overall quality of the Anchor investment portfolio. Throughout 2019, Anchor was able to differentiate itself in the investment market through its access to creative off market acquisitions driven by the firm’s local market relationships. We expect these efforts to continue to bear fruit in the years ahead.”

Synovus Financial Corporation provided debt financing on the Peachtree Professional Center transaction. The Seller of the Peachtree Professional Center was an affiliate of South-Tree Enterprises and Quantum Commercial Real Estate.

Steve Perovich, Paul Carr, and Marcus Yamamoto of CBRE’s Seattle office advised on the Edmonds Medical Center transaction. The Seller of the Edmonds Medical Center was an affiliate of First Western Development Services. The Edmunds Medical Center closed without secured debt financing.

About Anchor Health Properties

Anchor Health Properties is a national, full service healthcare real estate development, management, leasing, and investment serving investors and health systems. Anchor takes a strategic approach to navigating the extremely competitive healthcare marketplace, considering multiple angles, such as retail drivers, customer experience, branding and efficiency of the project. We develop and manage projects across the United States that respond to the new landscape of employed physicians, team-based care, the need to optimize assets and reduce duplication, and the integration of care and technology. Anchor manages and leases roughly six million square feet of medical office space, inclusive of numerous projects under construction. Anchor maintains ten offices nationally and features more than 60 professionals in its ranks. Over the past five years, Anchor principals have acquired and/or developed over $3 billion of medical real estate across the country. Healthcare today calls not only for new and more efficient ways of delivering outpatient services, but also a different kind of healthcare development and management company. For more information, please visit: www.anchorhealthproperties.com.

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News Release: Justin Hill to Join Healthpeak™ as Senior Vice President – Medical Office Properties

By on January 6, 2020

News Release Issued: Jan 6, 2020 (4:15pm EST)

To view this release online and get more information about Healthpeak Investor Relations visit: https://ir.healthpeak.com/2020-01-06-Justin-Hill-to-Join-Healthpeak-TM-as-Senior-Vice-President-Medical-Office-Properties

IRVINE, Calif., Jan. 6, 2020 /PRNewswire/ — Healthpeak Properties, Inc. (NYSE: PEAK) announced today that Justin Hill will join the Company as Senior Vice President – Medical Office Properties, effective January 21, 2020. Mr. Hill will be responsible for business development in Healthpeak’s Medical Office segment.

Mr. Hill joins Healthpeak from JLL, a leading global commercial real estate services company, where he served as Executive Vice President, Healthcare Capital Markets. Prior to joining JLL, Mr. Hill worked at Welltower Inc. from 2008 to 2018, most recently serving as Senior Vice President – Business Development.

Mr. Hill holds a Master of Business Administration from the University of Chicago Booth School of Business, a Master of Science from the University of Toledo, and a Bachelor of Science from Ohio University.

“The addition of Justin to our team underscores our commitment to growing our Medical Office segment,” said Scott Brinker, Healthpeak’s President and Chief Investment Officer. “Justin’s experience and relationships will prove invaluable to growing our medical office flow business.”

About Healthpeak Properties

Healthpeak Properties, Inc. is a fully integrated real estate investment trust (REIT) and S&P 500 company. Healthpeak owns and develops high-quality real estate in the three private-pay healthcare asset classes of Life Science, Senior Housing and Medical Office, designed to provide stability through the inevitable industry cycles. At Healthpeak, we pair our deep understanding of the healthcare real estate market with a strong vision for long-term growth. For more information regarding Healthpeak, visit www.healthpeak.com.

Forward-Looking Statements

Statements contained in this release that are not historical facts are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements include, among other things, Healthpeak’s expectations regarding the appointment of Mr. Hill as a Senior Vice President and his contributions to Healthpeak’s Medical Office business. These statements are made as of the date hereof, are not guarantees of future events or performance and are subject to known and unknown risks, uncertainties, assumptions and other factors—many of which are out of Healthpeak’s and its management’s control and difficult to forecast—that could cause actual results to differ materially from those set forth in or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, the possibility that Mr. Hill’s anticipated start date is delayed or that he does not join Healthpeak at all, as well as risks described from time to time in Healthpeak’s filings with the U.S. Securities and Exchange Commission. You should not place undue reliance on any forward-looking statements. Healthpeak assumes no, and hereby disclaims any, obligation to update any of the foregoing or any other forward-looking statements as a result of new information or new or future developments, except as otherwise required by law.

CONTACT

Barbat Rodgers
Senior Director – Investor Relations
949-407-0400

SOURCE Healthpeak Properties, Inc.

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Feature Story: How to find MOB opportunities in a crowded market

By on January 4, 2020

Panelists at GlobeSt. conference say pinpointing a strategy is the key

By John B. Mugford

The “Notable Deals & Investment Strategies for 2020 and Beyond” panel discussion featured (from left to right): moderator John Chang of Marcus & Millichap, Jason Signor of  Caddis, Darryl Freling of MedProperties Realty Advisors and Caroline Chiodo of HTA. (HREI photo)

It has become obvious that investors of all types and sizes are keenly aware of the potential upsides of investing in healthcare real estate (HRE) — medical office buildings (MOBs) in particular.

And yet, at a time when investment yields, or capitalization (cap) rates, for MOB acquisitions and developments have been at historic lows in recent years — falling even further in 2019 — competition remains rabid for the product type, making it a difficult market to enter.

In addition, the healthcare industry itself is in a state of flux, making investing in the space more complicated than ever.

“The business model for the delivery of healthcare is changing,” said Jason Signor, CEO and partner of Dallas-based HRE firm Caddis. “So, underwriting the healthcare side of this, the tenant side of this, with an everchanging delivery model … providers are making less money while construction costs are going up and, therefore, rents are going up. The underwriting part can be very treacherous. The sector still provides great opportunity, but it is difficult to implement and execute.”

“Look, just because an asset class may be recession proof and have great demographic drivers doesn’t mean it’s without risks. Healthcare real estate has its own risks. Our tenants are healthcare providers and as a real estate investor … we have to ask, ‘Can our tenants pay their rent today, and tomorrow? The tomorrow part is the hard part.’”

Mr. Signor was part of a panel session titled “Notable Deals & Investment Strategies for 2020 and Beyond” at the annual GlobeSt. Healthcare Real Estate (HRE) Conference in Scottsdale, Ariz.,  Dec. 3-4.

The panel, titled “Notable Deals & Investment Strategies for 2020 and Beyond,” was moderated by John Chang, senior VP of Research Services with Marcus & Millichap Inc. (NYSE: MMI). The other panelists were: Darryl E. Freling, managing principal with MedProperties Realty Advisors; and Caroline Chiodo, senior VP of acquisitions with Healthcare Trust of America (NYSE: HTA), a publicly traded real estate investment trust (REIT). Continue reading “Feature Story: How to find MOB opportunities in a crowded market”

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News Release: Jacobson Properties announces the sale of Constitution Professional Park medical office complex, Newington, Connecticut

By on January 3, 2020

December 6, 2019 (Newington, Connecticut)

Lisa Menin of Jacobson Properties is pleased to announce the sale of Constitution Professional Park, Newington, Connecticut, a three-building medical office complex containing 31,198 square feet. Constitution Professional Park, which is 95% leased, was sold by Newington Realty to a national healthcare real estate investor for a purchase price of $8,850,000.

Constitution Professional Park is anchored by the Hartford Hospital Eye Surgery Center, a state-of-the-art ambulatory surgical center which provides surgical care for cataracts, glaucoma, corneal disease and select retinal diseases. The Center performs more than 10,000 procedures per year. Hartford Hospital leases 55% of Constitution Professional Park. Additional tenants include Starling Physicians, one of Connecticut’s largest multispecialty physician groups, and Select Physical Therapy.

Lisa Menin served as the exclusive advisor to the seller in the transaction.

About Jacobson Properties:

Lisa Menin of Jacobson Properties specializes in the sale of institutional grade healthcare real estate nationwide with a focus on Upstate New York and the Greater Northeast. A former Wall Street attorney, Lisa exclusively represents hospitals, physicians, and developers in the sale of their institutional grade medical assets and is an expert at re-structuring medical properties in preparation for sale. Lisa has a 33 year track record of completing complex and challenging deals and has personally closed transactions totaling in excess of $636 million over the past few years. Lisa can be reached at LMenin@jacobsonproperties.net or via telephone at (212) 580-3136. More information is available at www.jacobsonproperties.net.

 

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News Release: ‌Cushman & Wakefield Negotiates Sale of Two Grover Corlew Office Buildings in Metrocentre Corporate Park for $7.45M

By on January 2, 2020

For Immediate Release

Greg Miller, Scott O’Donnell, Miguel Alcivar and Michael Ciadella Represented Grover Corlew in the Sale of 2440–2478 and 2550 Metrocentre Boulevard
 

2440-2478 and 2500 Metrocentre Boulevard are single-story office buildings developed in 1991. 

WEST PALM BEACH, FL, January 2, 2020 — Cushman & Wakefield has negotiated the sale of two medical and professional office buildings at Metrocentre Corporate Park.

The Cushman & Wakefield Capital Markets team of Greg Miller, Scott O’Donnell, Miguel Alcivar and Michael Ciadella represented Grover Corlew in the dispositions of 2440-2478 and 2500 Metrocentre Boulevard in Palm Beach County.

NRK Property, Inc. acquired 2440-2478 Metrocentre Boulevard. Metro Partners 2500, LLC purchased 2500 Metrocentre Boulevard. The buildings were sold for a combined total of $7.45 million. Kris Hustad at Touchstone Webb Realty Company represented Metro Partners 2500, LLC.

2440-2478 and 2500 Metrocentre Boulevard are single-story office buildings developed in 1991. The assets are located within Metrocentre Corporate Park, an attractive business campus that also houses a number of other medical offices, hotels and restaurants — all in close proximity to West Palm Beach’s major hospitals.

2440-2478 Metrocentre Boulevard is a ±30,482-square-foot building located on a ±4.39-acre site. The building was 100% leased at the time of sale. Notable tenants include Florida Department of Revenue, The Imaging Center of West Palm Beach and VITAS Healthcare.

2500 Metrocentre Boulevard is a ±18,020-square-foot asset situated on a ±1.4-acre site. The asset was 75% leased at the time of sale with availabilities of 1,589 and 3,055 square feet. Major tenants in the building include VIP Kids and Tradesman International.

“When we initially purchased the Metrocenter office buildings in 2014, they were under-preforming at 55% occupancy, but offered unrealized potential in terms of location and quality,” said Grover Corlew Partner Mark Corlew. “With key upgrades and strong management direction we transformed these buildings into an attractive asset for the right investor. Cushman & Wakefield’s market knowledge and highly professional marketing efforts ultimately connected us with that investor, allowing us to meet our goals.”

“Fully leased, 2440–2478 Metrocentre Boulevard provides a contractually stable and secure investment via long-term leases with limited rollover exposure, which was especially attractive to a number of 1031 and offshore investors,” said Miller. “2500 Metrocentre offers tremendous upside via the lease-up of existing vacancies.”

Metrocentre Corporate Park is ideally located in close proximity to the Interstate 95 interchange at 45th St. in central Palm Beach County. The park is one of the few premier, master-planned business campuses in West Palm Beach, offering excellent access to all of Palm Beach County and a full range of nearby amenities.

Metrocentre Corporate Park boasts a roster of long-standing medical and professional tenants with an average duration of occupancy of eight years. The hospital systems and the extensive roster of existing medical tenants in this corridor serve as a great source of potential tenancy, providing the opportunity to target and attract more medical tenants.

“True value-add office opportunities are rare, and with limited capital infusion required, Metrocentre Corporate Park is well positioned for medical and professional tenants preferring the immediate access to I-95 or the nearby JFK Medical Center,” said O’Donnell.

About Grover Corlew

Led by experienced real estate veterans who have worked together since 2002 and who have more than 40 years of combined industry experience, Grover Corlew is a real estate investment management group focused on acquiring, developing and operating office, retail and multi-family properties across the Southeastern U.S. Grover Corlew has offices in South Florida, Orlando and Atlanta and provides in-house asset management and property management services. The company is also an active developer with in-house development expertise as well as strategic relationships with tenants and local developers throughout the Southeastern U.S.

About Cushman & Wakefield

Cushman & Wakefield (NYSE: CWK) is a leading global real estate services firm that delivers exceptional value for real estate occupiers and owners. Cushman & Wakefield is among the largest real estate services firms with approximately 51,000 employees in 400 offices and 70 countries. In 2018, the firm had revenue of $8.2 billion across core services of property, facilities and project management, leasing, capital markets, valuation and other services. To learn more, visit www.cushmanwakefield.com or follow @CushWake on Twitter.

Media Contact:
David A. Meyer
Meyer Media
+ 1 407 489 7488
david@meyer.media

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News Release: Norvin Healthcare acquires trophy Philadelphia medical office building from Liberty Property Trust

By on January 2, 2020

FOR IMMEDIATE RELEASE

The 96,000-square-foot, 100-percent-occupied outpatient healthcare facility in the fast-growing Navy Yard is part of the firm’s strategy to continue its expansion on the East Coast

PHILADELPHIA and NEW YORK, Jan. 2, 2020 – Norvin Healthcare Properties announced that as part of its expansion strategy throughout the East Coast, it has acquired 3 Crescent Drive, a 96,000-square-foot, 100-percent-occupied outpatient medical building leased to Thomas Jefferson University Hospitals Inc. (Jefferson Health). The property is located at the gateway to the Philadelphia Navy Yard.

Norm Livingston, Norvin’s President, said the off-market acquisition of this “trophy” asset was the culmination of more than a year of work.

“We approached Liberty upon hearing of their plans to divest of all non-industrial assets in their portfolio. We knew they had a few interesting medical assets and we were able to secure a contract for 3 Crescent Drive.” He adds, “Norvin’s healthcare portfolio is largely leased to strong-credit, non-profit health systems, including NYU, Mt Sinai, Methodist Health System, MD Anderson, UT Health, LifeBridge, CHI and many others. We are delighted to add Jefferson Health to this prestigious list of healthcare tenants.”

Mr. Livingston noted that 3 Crescent Drive is a high-quality, Class A, mission-critical medical facility that has earned coveted Leadership in Energy and Environment Design® (LEED) Gold Certification.

Steve Rooney, Norvin Senior Director of Acquisitions, said the newly acquired property is ideally located in the fast-growing Navy Yard, a 1,200-plus-acre campus with 6.3 miles of waterfront and 165 businesses employing more than 13,500 people. The Navy Yard has become a real magnet for businesses with a critical mass of life science companies operating in the master development which will soon include a large-scale residential component and additional hospitality and retail outlets. The 3 Crescent Drive site is positioned at the gateway to the Navy Yard, is highly visible from U.S. Interstate 95 and Broad Street, and lies just across the highway from the South Philadelphia Sports Complex, home to all of Philadelphia’s professional sports teams.

Mr. Rooney said another benefit of the acquisition is the quality of the tenancy.

“The property is anchored by Jefferson Health, an investment grade health system and one of the two leading healthcare providers in the Philadelphia area. The balance of the property is occupied by Jefferson Health Surgical Center, a joint venture including Jefferson Health, The Rothman Institute and Nueterra Healthcare. This type of facility represents the future of healthcare, serving patients in South Philadelphia and Southern New Jersey.”

He added, “The quality of the tenancy and the long lease term should provide a strong, reliable stream of cash flow for our investors for years to come.”

Mr. Livingston said the asset will be added to the Norvin Core Plus Fund, which targets healthcare properties leased to credit tenants with long-term leases.

“The 3 Crescent Drive acquisition is a perfect fit for the Norvin Core Plus Fund,” says Mr. Livingston. “We’re very pleased with this acquisition and look forward to acquiring similar assets as we expand our portfolio in Philadelphia and throughout the East Coast.”

About Norvin Healthcare Properties

Norvin is a private real estate investment and operating company with a nationwide focus on core and opportunistic investments in the healthcare sector. Norvin owns acute and post-acute care hospitals, clinical and diagnostic facilities and medical office buildings. Since its founding in 1998, Norvin has worked closely with health systems, operators and other constituents in the healthcare community. Norvin distinguishes itself by providing a deep understanding of and appreciation for the unique capital and real estate issues within the constantly evolving healthcare industry. The Norvin team combines extensive capital markets experience, real estate operating capabilities and financial agility to provide superior risk-adjusted returns on investments.

Norvin maintains strong landlord-tenant relationships with numerous health systems including Ascension, Catholic Health Initiatives, Hospital Corporation of America, Houston Methodist, Kindred Healthcare, MD Anderson Cancer Center, Memorial Hermann Health System, Mount Sinai Health System, NYU Medical, OakBend Medical Center, Seton Health System, Texas A&M Medical School, Texas Children’s Hospital, UT Physicians, The University of Texas Medical Branch, LifeBridge Health, Frederick Memorial Hospital and many others. Norvin maintains offices in New York City and Houston. For more information, please visit www.norvin.com.

– 30 –

Media Contact: Vanessa Calix, Norvin Healthcare Properties, (212) 755-7552, vanessa@norvin.com

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Feature Story: HRE firms remain optimistic about 2020

By on January 1, 2020

61.5% of HREI’s editorial board foresee their business increasing 10% or more

HREI Editorial Advisory Board members discussed the outlook for 2020 during their meeting in November. (HREI photo)

NASHVILLE, Tenn. – As we head into 2020, some of the top executives in the healthcare real estate (HRE) space are quite optimistic about how their business will fare in the new year.

Perhaps they are not expecting 2020 to be quite as successful as 2019, but they’re still quite bullish about their prospects for the year ahead.

The executives who responded to the survey are members of the Healthcare Real Estate Insights Editorial Advisory Board (EAB). They gathered in Nashville in early November for the annual HREI EAB meeting consisting of a daylong discussion about the current and future state of the HRE sector.

As part of the meeting, the 26 board members in attendance were asked to respond anonymously to a survey asking them how their businesses performed in 2019 and how they expect them to fare in 2020.

Their responses can be considered a good barometer of the overall prospects for the year ahead because the EAB comprises high-ranking executives with many of the HRE sector’s top brokerage firms, developers, investors and owners, health systems, advisors, and other firms involved in the space.

As they have for a number of years, EAB members were quite optimistic about their companies’ business prospects for the coming year, with 17 of the 26 responding, or 65 percent, saying they foresee an increase in business for their organizations in 2020.

Half of the EAB members said they anticipate growth of more than 10 percent in the year ahead. Although that’s an optimistic view, it is less than the percentage of board members – 61.5 percent — whose companies experienced that level of growth in 2019.

That’s because 16 of the 26 EAB members, or 61.5 percent, report that their businesses saw increases of 10 percent or more in 2019.

On the other side of optimism, just two of the 26 board members responding said they foresee decreases in their businesses in the year ahead.

Seven respondents, or 28 percent, said they foresee their businesses staying about the same in 2020.

Why the optimism for 2020?

Continue reading “Feature Story: HRE firms remain optimistic about 2020”

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News Release: Senior Housing Properties Trust Announces a Name Change to Diversified Healthcare Trust

By on December 30, 2019

December 30, 2019

Company Common Shares to Trade Under the Ticker “DHC” Beginning January 2, 2020

NEWTON, Mass.–(BUSINESS WIRE)– Senior Housing Properties Trust (Nasdaq: SNH), today announced that it will change its name to “Diversified Healthcare Trust” effective January 1, 2020 at 12:02 a.m. SNH’s common shares will continue to be listed for trading on the Nasdaq, but under the new ticker symbol “DHC” beginning as of the opening of trading on January 2, 2020. The company’s new website will be www.dhcreit.com.

“We are excited to change our name to Diversified Healthcare Trust, which we believe more accurately depicts both our portfolio of diverse, high-quality healthcare real estate and our strategy moving forward,” said Jennifer Francis, President & Chief Operating Officer. “Over the past 10 years, we have made considerable progress in diversifying and enhancing what was once a pure-play senior living portfolio by strategically acquiring state-of-the-art life science properties and well-located medical office buildings in order to meet the broader real estate needs of the continually evolving healthcare industry.”

Rebranding to Diversified Healthcare Trust marks a key milestone in the company’s transformation, which includes the anticipated conversion of SNH’s existing triple-net leases with Five Star Senior Living Inc. (Nasdaq: FVE) into management agreements, which is expected to occur on January 1, 2020, pursuant to the transaction agreement that SNH entered into with FVE in April 2019, along with SNH’s continued investment and recycling of capital into high quality healthcare real estate, including, but not limited to, the life science and medical office property types.

Also effective January 2, 2020, SNH’s 5.625% senior notes due 2042 will no longer trade under the ticker “SNHNI” but will trade under “DHCNI”. Similarly, SNH’s 6.25% senior notes due 2046 will no longer trade under the ticker “SNHNL” but will trade under the ticker “DHCNL”.

A REAL ESTATE PLATFORM FOCUSED ON THE DIVERSE SPECTRUM OF HEALTH SERVICES

With an $8.6 billion investment portfolio, Diversified Healthcare Trust is one of the leading owners of real estate focused on healthcare and life sciences located throughout the United States. DHC seeks to acquire and own properties that take strategic advantage of demographic trends, investments in biological breakthroughs and the development and implementation of medical services and technologies.

DIVERSIFIED ACROSS CARE DELIVERY AND PRACTICE TYPES

From elective procedures to life-saving treatments, DHC’s properties provide a platform for healthcare delivery. Nationally renowned health systems as well as individual specialist physicians and health practitioners lease DHC’s properties which house clinics, outpatient centers, surgery centers and doctors’ offices. DHC is also poised to benefit from changing demographic trends, with a portfolio of more than 270 active adult, independent living, assisted living and memory care facilities to serve the anticipated ‘silver tsunami.’

DIVERSIFIED ACROSS RESEARCH SCIENCE DISCIPLINES

DHC’s life sciences properties include laboratory and research space, manufacturing facilities and corporate offices, and are home to forward-thinking companies delivering and supporting the development of tomorrow’s cutting-edge therapies, which cover a wide variety of ailments.

DIVERSIFIED ACROSS GEOGRAPHIES, LOCATIONS AND SETTINGS

With over 12 million square feet of lab and medical office space and more than 32,000 living units, DHC has no “typical” property or location. Properties range from multi-specialty physician offices, to more than 270 senior living communities, to multi-building life science campuses. DHC’s properties are located in both urban and suburban settings across the U.S., in 41 states and Washington, D.C.

DIVERSIFIED FINANCIAL PROFILE

The foundation of DHC’s solid financial profile includes revenue sources lacking concentration in any one property type, a well-laddered lease expiration schedule for over 600 tenants, strong tenant credit profiles and a conservative capital structure with a healthy balance sheet. The diversification of DHC’s revenue streams allows the company to produce cash flows from the entire healthcare continuum, leading to more stable and predictable returns on investments.

WARNING REGARDING FORWARD-LOOKING STATEMENTS

This press release contains statements that constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 and other securities laws. Also, whenever DHC uses words such as “believe”, “expect”, “anticipate”, “intend”, “plan”, “estimate”, “will”, “may” and negatives or derivatives of these or similar expressions, DHC is making forward-looking statements. These forward-looking statements are based upon DHC’s present intent, beliefs or expectations, but forward-looking statements are not guaranteed to occur and may not occur. Actual results may differ materially from those contained in or implied by DHC’s forward-looking statements as a result of various factors. Forward-looking statements involve known and unknown risks, uncertainties and other factors, some of which are beyond DHC’s control. For example:

  • DHC expects that the changes in ticker symbols to “DHC” for the listing of its common shares, “DHCNI” for its 5.625% senior notes due 2042 and “DHCNL” for its 6.25% senior notes due 2046 will begin on January 2, 2020. However, effecting these changes are subject to conditions and will depend on actions of third parties. As a result, these changes could be delayed.
  • Ms. Francis states that DHC has made considerable progress in diversifying and enhancing its portfolio in order to meet the broader real estate needs of the continually evolving healthcare industry. This may imply that this progress will enable DHC to meet these needs and that DHC may make further progress that addresses the broader real estate needs as the healthcare industry continues to evolve. However, DHC’s progress may not continue to address these needs and DHC may not be able to make further progress to address any changing needs. As a result, DHC may not achieve the benefits it expects from the progress it has made in these regards.
  • DHC intends to continue to invest and recycle capital into high quality healthcare real estate, including, but not limited to, the life science and medical office property types. However, the competition for these types of investments is significant. As a result, DHC may not be able to acquire additional properties of these types in the future or it may overpay for any such acquisition. Moreover, DHC not be able to successfully recycle capital at the amounts it expects. Further, DHC may not realize the returns or benefits it expects from any additional acquisitions it may make.
  • DHC believes that it is poised to benefit from changing demographic trends. However, the demand for senior living communities, wellness centers and other medical and healthcare related properties and healthcare services may not increase, despite the aging U.S. population and increasing life spans of seniors, due to a variety factors, including improved medical advances and seniors’ electing to age in place, to delay or forego relocating, to not purchase the products and services DHC’s tenants and manager provide, or due to other changes in market demands. In addition, DHC may be unable to retain its existing tenants, attract new tenants and maintain or increase current rental rates. Further, circumstances that adversely affect the ability of seniors or their families to pay for DHC’s tenants’ and manager’s services, such as economic downturns, weak housing market conditions, higher levels of unemployment among DHC’s residents’ family members, lower levels of consumer confidence, stock market volatility and/or changes in demographics generally could affect the profitability of DHC’s senior living communities. As a result, DHC may not benefit from changing demographic trends.
  • DHC expects to complete the conversion of its existing master leases with FVE into management agreements, as of January 1, 2020. These transactions are subject to conditions, including, among others, the continued effectiveness of FVE’s registration statement on Form S-1 for the related FVE common share issuances and the receipt of certain regulatory approvals. DHC cannot be sure that any or all of such conditions will be satisfied. Accordingly, these transactions may not become effective as of January 1, 2020 or at all, or the terms of such transactions may change. Further, if the transactions contemplated by the Transaction Agreement are completed, the conversion of the master leases to management agreements will be a significant change in DHC’s arrangements with FVE and may result in DHC realizing significantly different operating results from its senior living communities, including increased variability.
  • DHC believes the foundation of its solid financial profile includes diversified revenue sources lacking concentration in any one property type, a well-laddered lease expiration schedule for over 600 tenants, high credit quality tenants and a conservative capital structure with a healthy balance sheet. Some of DHC’s tenants may not renew expiring leases, and DHC may be unable to obtain new tenants to maintain or increase the historical occupancy rates of, or rents from, its properties, its tenants may experience losses and default on their rent obligations to DHC, rents that DHC can charge at its properties may decline upon renewals or expirations because of changing market conditions or otherwise and continued availability of borrowings under its revolving credit facility is subject to DHC’s satisfying certain financial covenants and other credit facility conditions that DHC may be unable to satisfy. In addition, DHC’s tenants and manager may realize deteriorating financial conditions if they cannot successfully operate their businesses or if they are adversely impacted by factors beyond their control, including deteriorating market conditions or changes in market demands. Further, DHC may not be successful in conducting its business activities in a manner that will afford it reasonable access to capital for investment and financing activities, which may result in DHC’s capital structuring becoming less conservative and a decline in the health of its balance sheet.
  • DHC believes the diversification of DHC’s revenue streams allows it to produce cash flows from the entire healthcare continuum, leading to more stable and predictable returns on investments.

The information contained in DHC’s filings with the SEC, including under “Risk Factors” in DHC’s periodic reports, or incorporated therein, identifies other important factors that could cause DHC’s actual results to differ materially from those stated in or implied by DHC’s forward-looking statements. DHC’s filings with the SEC are available on the SEC’s website at www.sec.gov.

You should not place undue reliance upon forward-looking statements.

Except as required by law, DHC does not intend to update or change any forward-looking statements as a result of new information, future events or otherwise.

A Maryland Real Estate Investment Trust with transferable shares of beneficial interest listed on the Nasdaq.
No shareholder, Trustee or officer is personally liable for any act or obligation of the Trust.

Michael Kodesch, Director, Investor Relations
(617) 796-8234
www.snhreit.com

Source: Senior Housing Properties Trust

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News Release: Flagship Healthcare Properties Expands Footprint in Little Rock, Arkansas

By on December 30, 2019

NEWS RELEASE

FOR IMMEDIATE RELEASE

Commercial healthcare real estate firm adds Chenal Medical Pavilion to its portfolio as second acquisition in Little Rock this year

CHARLOTTE, N.C. (December 30, 2019) — Flagship Healthcare Properties (Flagship) announces its acquisition of Chenal Medical Pavilion, a 42,636-square-foot medical office building (MOB) in Little Rock, Arkansas. The building is located at 16115 St. Vincent Way, in the growing West Little Rock area, approximately twenty minutes from downtown. Built in 2014, the building is well-positioned adjacent to CHI St. Vincent – West Pavilion One and the Promenade at Chenal, an upscale mixed-use development.

The MOB is occupied by leading healthcare tenants including CHI St. Vincent Imaging, CHI St. Vincent Breast Center, Pinnacle Dermatology, Arkansas Pediatric Clinic, Cornerstone Pharmacy and Edwards Family Dentistry.

“We are excited to expand our presence in the flourishing West Little Rock submarket, which is enjoying strong growth,” said Gerald Quattlebaum, senior vice president of acquisitions at Flagship. “This asset is perfectly positioned to fill the needs and growing demand for medical services in the area.”

The largest tenant, CHI St. Vincent, is part of Catholic Health Initiatives (CHI). CHI St. Vincent has served Arkansas since 1888, and its network includes primary care, specialty clinics, urgent care, hospitals, home health, rehabilitation and surgery centers. CHI St. Vincent Imaging offers detailed, high-quality images to diagnose and determine treatment for virtually every part of the human anatomy including cardiac, gastrointestinal, vascular, soft tissue and bone. The CHI St. Vincent Breast Center is operated by Radiology Associates, PA, in partnership with the network, and offers the best diagnostic imaging tools available, including 3D Mammography (tomosynthesis) to better visualize breast tissue, digital screening mammography, dedicated breast ultrasound, breast MRI and computer-aided detection.

Flagship Healthcare Trust (Flagship REIT), Flagship’s private healthcare real estate investment trust, purchased the MOB. The transaction was brokered by JLL and was led by Brian Bacharach, managing director for healthcare in the Capital Markets Group. Flagship will provide property management, asset management and lease administration services.

Financing for the transaction was provided by First Horizon Bank.

For more information about Flagship Healthcare Properties, visit www.flagshiphp.com.
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About Flagship Healthcare Properties
Flagship Healthcare Properties, LLC (Flagship) is a fully integrated commercial healthcare real estate firm serving clients throughout the Mid-Atlantic and Southeast regions. Headquartered in Charlotte, North Carolina, Flagship offers a full range of real estate services including investment and capital solutions, development, property sales, leasing and marketing, as well as facilities, property and asset management. Flagship manages over 4.2 million square feet of healthcare real estate across more than 155 properties serving in excess of 465 tenants. The firm has developed or acquired over 80 properties valued at more than $675 million. Flagship serves as the manager of its private REIT, Flagship Healthcare Trust, Inc. For further information, visit www.FlagshipHP.com.

About Flagship Healthcare Trust
Flagship Healthcare Trust, Inc. (Flagship REIT), is a private real estate investment trust that owns clinical healthcare assets in the United States. Flagship REIT holds interest in 50 healthcare properties valued at over $400 million. Flagship REIT’s current portfolio includes more than 1.4 million square feet of medical office space and approximately 185 tenants. For further information, visit www.FlagshipHP.com.

Media Contact:
Julie Parrotta, Public Relations Manager
SPARK Strategic Ideas
Jparrotta@sparksi.com and 704.625.2194

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News Release: Sharp Chula Vista (Calif.) Medical Center Opens New Hospital Tower

By on December 23, 2019

$244 Million Expansion Adds Private Patient Rooms, State-of-the-Art Operating Rooms, and More to South Bay’s Largest Hospital

Sharp Chula Vista Medical Center will open its new, $244 million hospital tower on Tuesday, Jan. 14, 2020, moving in the first patients that day. The 197,000-square-foot tower will add 106 private patient rooms; six large operating rooms, including the South Bay’s only hybrid room, which allows for advanced surgical and imaging procedures in the same room; a panoramic rooftop café and many more services designed to meet the needs of San Diego’s fastest-growing region.

“Our goal has always been to provide the people of the South Bay with the latest in proven medical technology along with compassionate experts who provide the excellence of care that defines Sharp Chula Vista Medical Center,” says Pablo Velez, PhD, RN, chief executive officer of Sharp Chula Vista. “The opening of the new tower is our way of continuing to ensure that world-class care will always be close to home for the entire community.”

The project is Sharp HealthCare’s largest single investment to date and the South Bay’s first new hospital in more than 40 years. The design-build team for the project included Hensel Phelps, SmithGroupJJR and AVRP Studios.

“Investing in the South Bay is an important priority for Sharp and vital to the community,” says Chris Howard, president and chief executive officer of Sharp HealthCare.  “With this advanced addition to the region’s largest hospital, we are ensuring that current and future residents will have the health care services they need.”

The new tower also includes a sweeping new main entrance and lobby and additional space for support services, including pharmacy and kitchen.

Preceding move-in day will be a community open house on Saturday, Jan. 11, from 10 a.m. to 4 p.m., featuring behind-the-scenes tours, family activities and more. More information can be found at sharp.com/worldclass.

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