JV sells medical real estate portfolio for $240m

JV sells medical real estate portfolio for $240m
Inpatient Rehabilitaion Hospitals Texas Image : Courtesy of The Sanders Trust

The joint venture between The Sanders Trust, the healthcare real estate investment and development company and Harrison Street, has sold a portfolio of medical real estate for $240 million.

The medical real estate portfolio consists of 11 properties, located across eight states: Texas, Indiana, Ohio, Pennsylvania, Maryland, Georgia, Mississippi and Iowa, and total approximately 474,100 square feet.

The Sanders Trust and joint venture partner, Harrison Street, completed the disposition of the portfolio with assistance from Chris Bodnar and Lee Asher, Vice Chairmen of the Healthcare and Life Sciences Capital Markets team at CBRE.

The Sanders Trust said Lincoln Advisors, an affiliate of Dallas-based Lincoln Property Company, purchased the assets on behalf of a public pension fund client.

“We’re pleased to have successfully executed the disposition phase of this portfolio. The Sanders Trust has continued to secure attractive development and acquisition opportunities despite the current headwinds and the challenging economic environment. We’ve achieved our investment goals and are excited to be looking to re-deploy equity into new acquisition and development projects,” stated Rance Sanders, CEO of The Sanders Trust.

“This transaction is the latest example of our successful partnership with The Sanders Trust. Our decade long partnership with the Sanders team has consistently identified opportunities in our target sectors that have delivered superior investment returns and we are excited about continuing to grow our partnership with them in the future.” remarked Ben Mohns, Senior Managing Director and Head of Asset Management, North America for Harrison Street.