CHICAGO—Amidst the COVID-19 pandemic, 90 North Real EstatePartners, who was acting as the investment advisor for RasameelInvestment Company, has acquired the redeveloped Ensemble HealthPartners headquarter facility in Blue Ash, Ohio, which is a suburbof Cincinnati. The purchase price was not disclosed.

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90 North and Rasameel acquired the campus from a local developerwho has been redeveloping it over the past 12 months. The 51.3-acrecampus includes a 390,096 square-foot main building, a newlyconstructed 75,554 square-foot addition and a separate 10,200square-foot building that is being converted to a conferencecenter.

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Daniel Cooper, partner, head of North America, of 90 North saidin a prepared statement that the acquisition shows the strength andsafety in which foreign investors view U.S. real estate. 90 Northis a UK based company and Rasameel is based in Kuwait.

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"It further reinforces our strategy of acquiring well-leasedcore and core-plus headquarter caliber office properties in marketsthat offer strong, long-term growth potential," Cooper said.

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Ensemble Health Partners is a medical billing management companythat is owned in joint venture between Golden Gate Capital and BonSecours Mercy Health. Ensemble previously signed a 15-year lease tothe campus and expects to start operating at the facility inSeptember. The company plans to bring inapproximately 2,000 employees, according tothe release.

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The acquisition comes at a time of uncertainty for real estateamidst the COVID-19 pandemic. With many companies working from homeand businesses closed, the process of closing this dealwas complicated. Cooper noted that investors are facing obstaclessuch as increased lender/underwriting requirements and myriaddelays with municipal filing and recordings for closings.

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"Even the relatively standard process of notarizingdocumentation is more difficult," Cooper adds. " While some stateslike Illinois have virtual notary options, the options are muchmore challenging in certain states, such as Ohio, where thesetransactions occurred."

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Carley Beckum

Carley Beckum is part of the social media team at ALM.