Occupancy in the properties is in the "high 80%" range, McMeen adds, a figure the joint venture expects to improve upon given the assets' locations on or near HCA Inc. affiliate hospitals.
A capitalization rate for the portfolio was not available. "It was a very competitive price paid for the properties, and one both parties feel comfortable with," McMeen offers.
Newport Beach, CA-based Health Care Property Investors, Inc. owns 448 medical facilities in 44 states. GE Commercial Finance, with offices here as well as Stamford, CT, brings $200 billion in assets to the table.
"The joint venture won this acquisition because of its deep health care experience and its ability to structure, commit and fund a complicated 100-asset transaction in under 60 days," says Health Care Property Investors CEO Jay Flaherty.
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