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CHICAGO-HCP Medical Office Portfolio, a joint venture created this summer by GE Commercial Finance and Health Care Property Investors Inc., has acquired 5.5 million sf of assets for $460 million from MedCap Properties, LLC. The 100-property MedCap Properties had a significant concentration of assets in the Dallas, Denver, Houston, Las Vegas and Nashville markets, GE Commercial Finance SVP of real estate Kevin McMeen tells GlobeSt.com.

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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