CHICAGO-Locally based EnTrust Realty Advisors LLC recently handled the sale of two medical office buildings located in Ohio and Texas. The locally based Alter Group sold the Good Samaritan Health Center in Huber Heights, OH and Lake Forest, IL-based Westminster Funds sold the Texarkana Surgery Center in Texarkana, TX.
Sources say Columbus, OH-based Equity Inc. bought the 50,000-square-foot Good Samaritan for $6.8 million. The two-story building is 80% occupied. Alter developed the property in 2009.
American Realty Capital Healthcare Trust Inc., based in New York City, purchased the 17,500-square-foot Texarkana for an undisclosed amount. The facility is 100% leased for more than 10 years to the surgery center, a joint venture of Symbion Inc. and a 23-member physician practice.
Entrust officials say that with 30 million more health care patients poised to enter the system in 2014 once reforms kick in, there will be a need for as much as 60 million square feet of new medical office space. Peter Partipilo, senior associate, tells GlobeSt.com that medical office is one of the shining stars of property types.
“Health care property is a limited rollover risk and cash flows are predictable,” he says. “For companies in the business of monetizing assets, there’s a level of certainty that these assets can sell and produce a good return for both sides of the transaction.”
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