OKLAHOMA CITY-Operating under the name Broadstone MD Oklahoma LLC, Broadstone Real Estate acquired five 100%-leased My Dentist dental clinics in Oklahoma. The Rochester, NY-based buyer paid $7.5 million for the portfolio to the local seller, who developed the properties.
Two of the clinics are in Oklahoma City and Tulsa, with the other three located in tertiary markets throughout the state. The assets carry new 15-year, triple net leases with annual rent increases.
“The time from listing to close was about 60 days,” comments Jeff Matulis with Stan Johnson Co. who, with colleagues Toby Scrivner and Karen Vinsko, represented the seller. He goes on to say that the five assets required five titles to underwrite, not to mention that many assessments and leases to review. “A lot of people took time off during the holidays to get this done,” he tells Globest.com. “It took everyone’s diligence and dedication to get to the goal line.”
Scrivner adds that the portfolio attracted a great deal of interest, which seems to be a growing trend when it comes to healthcare-related properties. “A lot of those assets are taking on more of a retail identity, going into areas with strong visibility, high traffic counts, good demographics and ease of access,” he says. “I think that was the appeal of these, along with the long-term leases and good credit tenants.”
© Arc, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.