The JV closed on the final 28,000-sf property on Wednesday. Theportfolio includes four on-campus medical office buildings,including the 115,481-sf Heart Center, the 103,350-sf Medical Plazaand two other buildings nearby totaling 89,742 sf. These propertiesare all near the St. Anthony's hospital, the third largest medicalcenter in St. Louis. Three off-campus urgent care centers were alsoacquired, including the 28,157-sf Fenton Urgent Care Center, the49,660-sf Lemay Urgent Care Center and the 18,146-sf Arnold UrgentCare Center.

The portfolio's proximity to the hospital was one of the bestreasons for the purchase, says Alex Hlavacek, COO with McShane."St. Anthony's has a strong reputation for clinical care, as wellas being financially strong," Hlavacek says. The properties areabout 90% leased, with the medical center itself leasing nearly 40%of the portfolio.

Ray Braun, president of McShane's medical group, says Nationwidesought them out as a growth tool. "They have good access tocapital, and they needed someone like us to cover a territory," hetells GlobeSt.com. "Plus, besides acquisitions, we also haveconstruction and development expertise."