Welltower Buys MOB Portfolio for $400M
"Selling points include the portfolio's alignment with major health systems, durable income and locations in strong metro markets."
TOLEDO, OHIO—Healthcare REIT Welltower has acquired a 23-asset medical office portfolio for $400 million. Milwaukee-based Hammes Partners was the seller of the 979,000-square-foot portfolio, which consists of outpatient properties affiliated with health systems and other providers in nine states.
The properties are located in 12 metro markets in Virginia, Washington, North Carolina, Illinois, New York, New Jersey, Pennsylvania, Alabama and Texas.
JLL Managing Directors Mindy Berman and Steve Leathers handled the sale on behalf of the seller. Berman said the portfolio’s selling points included “the portfolio’s alignment with major health systems, durable income and locations in strong metro markets.”
Earlier this month, Welltower announced it was acquiring a 55-asset medical office and outpatient facilities portfolio from CNL Healthcare Properties for $1.25 billion.
That portfolio consists of 3.3 million rentable square feet in major metropolitan markets across 16 states.
The sale is expected to close during the first half of 2019, subject to customary closing conditions.