NEW YORK CITY—A source tells us that Chicago-based LaSalle Investment Management is selling a nine-asset medical office building portfolio to ARC Healthcare Trust II. The buildings are located in New York, Michigan and Maryland.
ARC made headlines in April when the three-year-old American Realty Capital Healthcare Trust listed on the NASDAQ Global Select Market. ARC Healthcare Trust II, though, is a non-traded REIT.
Still, it is clear that ARC and executive chairman Nicholas Schorsch have a voracious appetite for health care real estate. “We see this as a business that will last for decades, and a lot of the assets that we’re buying are being driven by the need for capital by these healthcare systems,” Schorsch told GlobeSt.com in April. In general, the company has a long-term view of this $1-trillion market, which is still highly fragmented.
American Realty Capital Healthcare Trust was also reported by the Wall Street Journal this week to be one of four final bidders for Griffin-American Healthcare REIT II. The other three companies are Ventas, Health Care REIT, and a division of NorthStar Realty Finance. Current offers were reported to be around $12.50 a share.
The properties in this pending purchase from LaSalle include New Windsor Medical Center in Newburgh, NY; 310 Lafayette Avenue in Grand Rapids, MI; Hudson Slingerlands Crossing I and II in Slingerlands, NY; Benedictine Medical Pavilion in Kingston, NY; Benedictine Cancer Center in Kingston, NY; Cushing Center in Schenectady, NY; Anne Arundel Medical Center in Bowie, MD; and Plank Medical Center in Clifton Park, NY.