Nationwide Buys Five MOBs from Pacific for $211M

The properties include a 140,000-square-foot-facility in Mission Viejo in which Nationwide acquired a 65% interest in a joint venture with Mission Hospital Regional Medical Center for $67.3 million; a 130,000-square-foot facility in Orange in which it bought a 69% interest in a joint venture with doctors associated with St. Joseph Hospital of Orange; a 190,000-square-foot building in Pasadena in which it acquired a 71% interest in a joint venture with an entityaffiliated with Pacific Medical in which NHP contributed $13.5 million of cash; and two properties in San Bernardino. Those two are medical office buildings totaling 130,000 square feet in which Nationwide acquired a 55% interest in an entity affiliated with Pacific Medical that owns the buildings.

PMB Real Estate Services, a 50/50 joint venture between NHP and Pacific Medical, will continue as the property manager for all facilities. The new properties are part of a Nationwide portfolio, including mortgage loans and properties owned by unconsolidated joint ventures, that totaled 576 properties as of Dec. 31. The properties are dispersed among the following segments: 279 senior housing facilities, 197 skilled nursing facilities, 82 medical office buildings, 11 continuing care retirement communities and seven specialty hospitals.