ST. LOUIS-McShane Medical Properties, a division of Rosemont, IL-based McShane Cos., and the Nationwide Health Properties Inc. REIT, based in Newport Beach, CA, have formed a joint venture to buy medical office properties throughout the US. The venture, McShane/NHP JV LLC, solidified its existence by purchasing the seven-building St. Anthony’s Medical Center portfolio here, a collection of offices and urgent care facilities totaling more than 400,000 sf, for just less than $50 million.

The JV closed on the final 28,000-sf property on Wednesday. The portfolio includes four on-campus medical office buildings, including the 115,481-sf Heart Center, the 103,350-sf Medical Plaza and two other buildings nearby totaling 89,742 sf. These properties are all near the St. Anthony’s hospital, the third largest medical center in St. Louis. Three off-campus urgent care centers were also acquired, including the 28,157-sf Fenton Urgent Care Center, the 49,660-sf Lemay Urgent Care Center and the 18,146-sf Arnold Urgent Care Center.

The portfolio’s proximity to the hospital was one of the best reasons for the purchase, says Alex Hlavacek, COO with McShane. “St. Anthony’s has a strong reputation for clinical care, as well as being financially strong,” Hlavacek says. The properties are about 90% leased, with the medical center itself leasing nearly 40% of the portfolio.

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