Healthcare Real Estate

PGIM Real Estate sells an 11-property portfolio managed by Brightview Senior Living. The assets are spread out in the Northeast and Mid-Atlantic.

Thanks to increased demand for healthcare services, the medical net lease sector will continue to offer steady cash flow and safe returns for investors.

The agreement puts the two health care institutions on a path toward reaching a Definitive Agreement, which they expect to reach within the coming months. The LOI follows a Request for Proposal released by Saint Peter's in October 2018 that it was considering a strategic partner.

Medical office rents in San Diego are $35 per square foot, the fourth highest in the nation.

The acquisition was finalized on Dec. 13 with an effective date of Sunday, Dec. 15. Tower and Drexel University reached an agreement in late September to acquire St. Christopher's Hospital for Children for $50 million in a bankruptcy sale.

The firm buys a 371,937 square foot, class-A medical laboratory and creative office building in the Scottsdale Airpark submarket.