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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?


NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.