Windsong Medical Park Deal Expands Montecito Medical’s Footprint in Western New York
Montecito Medical Real Estate has expanded its footprint in the Buffalo-Niagara Falls MSA with its recent acquisition of Windsong Medical Park in the Williamsville neighborhood of Amherst, New York. The deal took the better part of a year to complete and marks Montecito’s second acquisition in the region. In November 2022, Montecito purchased a property occupied by the Ambulatory Surgery Center of Western New York in Amherst, New York. Windsong Medical Park is a two-story, 83,000-square-foot medical office park. Windsong Radiology Group, a dominant practice in the region and the seller in the transaction, maintains its main campus in the medical park. Kaleida Health leases 25,000... Read More »
Four Corners Property Trust Acquires WellNow Urgent Care Property in Indiana
Four Corners Property Trust (FCPT) announced the acquisition of a WellNow Urgent Care property in Indiana for $2.5 million. The newly constructed property is located in a strong retail corridor and corporate-operated under a long-term, net lease. The transaction was priced at a cap rate in range with previous FCPT transactions. Since 2021, FCPT’s transactions have ranged from $1.8 million to $3.4 million. FCPT, headquartered in Mill Valley, California, is a real estate investment trust primarily engaged in the ownership, acquisition and leasing of restaurant and retail properties. The company seeks to grow its portfolio by acquiring additional real estate to lease, on a net basis, for use... Read More »
Atkins Companies Acquires Washington Medical Arts Building
Atkins Companies announced on March 29 that it acquired a medical office building (MOB) in Washington Township, New Jersey. The Washington Medical Arts Building is a two-story, Class-A building that is leased to several healthcare and wellness tenants including Weisman Children’s, Rowan Medicine, Select Surgical Center and Jefferson Health. It contains more than 70,000 square feet. Atkins Companies is a multigenerational commercial real estate developer, investor and property manager. It is based in West Orange, New Jersey. The acquisition is Atkins Companies’ latest investment in Washington Township, which is in New Jersey’s Gloucester County. The financial terms of the... Read More »
Anchor Health Properties Acquires Grove City, Ohio MOB
Anchor Health Properties closed on a two story, 38,327-square-foot Class A medical office building (MOB) in the Grove City submarket of Columbus, Ohio. The off-market transaction was acquired through Anchor’s discretionary equity fund, Chestnut Healthcare Fund II, co-managed with Chestnut Funds. Engle Real Estate provided sales advisory services on behalf of the seller, Trivium Development LLC, for this off market transaction. First Citizens Bank and CIT provided debt financing services. As the new owner, Anchor will provide go forward asset and property management services at the MOB. Financial terms of the deal were not disclosed. The 100% occupied MOB was constructed by Trivium... Read More »
Rising Interest Rates, Banking Uncertainty Could Limit Capital Needed for Healthcare Real Estate M&A Activity
While healthcare real estate has proven to be an increasingly attractive investment in recent years, mergers and acquisitions deal volume in 2023 may fail to reach last year’s record. “We believe that overall volume will be healthy given the continued demand for healthcare real estate, but will be lower than previous years’ historic highs,” said Cornerstone Companies senior vice president of investments Ted Baker. His company’s holdings include approximately 55 medical office buildings and surgery centers with an aggregate value above $500 million. “My guess is that we see less of [the] larger trades and more single-asset deals [and] lower overall volumes,” Baker said. There were 120... Read More »Schedule a demo
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