Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.